4 May 2021 - Re-opening Trade Rolls On | Westpac Delivers Global markets were mixed overnight (S&P 500 index +0.3%) helped by positive earnings and strong gains in cyclical and defensive sectors such as energy, material, industrials, consumer staples, healthcare and financials. Consumer cyclicals and technology stocks lagged. Shares tied to an economic re-opening performed strongly on relaxed pandemic restrictions, as New York Governor announced most capacity restrictions will be lifted across New York, while New York City will resume 24 hour subway service later this month - which sent Airline and Cruise liner stocks higher. Berkshire Hathaway shares were +1.6% higher after reporting a +20% surge in operating earnings and continued to buy back large amounts of its own shares. Moderna jumped +4.3% after announcing it will supply 34m doses of its covid-19 vaccine to the global COVAX program. On the flip[side, Tesla shares were weaker along...