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Speaker 1: Shane Soli see Harbor Asset Management Shane, good evening, good evening, right,

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Speaker 1: good to have you on. So the big falls over

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Speaker 1: them in the US obviously at the end of last week,

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Speaker 1: and then we had the indets down. Today, we had

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Speaker 1: the A six down today, that's come back somewhat. We've

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Speaker 1: had Asian shares down. How did the insidets finish today?

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Speaker 2: Yeah, we were down about three point seven busy. It

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Speaker 2: was quite a broad sell off today, Ryan weakness. Really

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Speaker 2: the market was dragged down for Fish and Buckle Healthcare, Orkneyport,

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Speaker 2: Infantil Main Freight Contact. But there was a very few

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Speaker 2: stocks that were in green, very few stocks that went

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Speaker 2: up today. Excuse me, but yeah, excuse me. Hong Kong

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Speaker 2: is the weakest market today, down twelve percent. They're catching

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Speaker 2: up the rest of the world after a couple of

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Speaker 2: days of holidays, so they're definitely caught up quite fast.

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Speaker 1: And what is your take on why we had blood

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Speaker 1: Living on the Thursday and then we had even more

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Speaker 1: on the Friday, and then here in New Zealand and

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Speaker 1: in Asia we've had even more again. Is it because

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Speaker 1: perhaps everyone was thinking, oh Trumpell pull back and he'll negotiate,

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Speaker 1: and then over the weekend the rehetoric was not we're

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Speaker 1: sticking to our guns. Is that made things worse?

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Speaker 2: Yeah? This reciprocal tariff actions are really putting pressure on

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Speaker 2: So today, over the week we we've had China and

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Speaker 2: tomorrow apparently the European Union going to come out with

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Speaker 2: some response to the tariffs. And it's really excuse me, right,

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Speaker 2: putting pressure on people's expectations of capitulation. What we did

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Speaker 2: see today though, is the Vietnamese government come out so, yeah,

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Speaker 2: we're going to remove all tariffs on you as imports.

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Speaker 2: That's the first glimming we've had of a deal. So

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Speaker 2: when we're looking for a circuit breaker, you know what

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Speaker 2: gets us out of this, it is potentially deals like this.

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Speaker 2: Of course, the other one being cuts by central banks

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Speaker 2: and interest rates, but we're a little way away from that.

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Speaker 1: Yeah, and what about a circuit breaker? I mean, hopefully

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Speaker 1: things like that would keep happening, But what do you

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Speaker 1: think it would take to stabilize the market?

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Speaker 2: Look, I think the market itself is putting pressure on

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Speaker 2: the regulations, it's putting pressure on the people that are

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Speaker 2: making policy changes. But we do think it's about literzies

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Speaker 2: and deals lit'sies and trade deals. It's also about can

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Speaker 2: these central banks cut rates? There's definitely plenty of room

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Speaker 2: for the central banks to cut rates, excuse me, And

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Speaker 2: of course our central bank is due to report Wednesday

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Speaker 2: this week and they should be cutting rates. Whether they

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Speaker 2: cut heavily is probably unlikely, but that's the sort of

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Speaker 2: thing we'll see investors revisit markets.

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Speaker 1: All right, We better leave it there, Shane, you and

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Speaker 1: go and have a glasses of water. Shanks solely have

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Speaker 1: rested management.

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