BNZ

New round of retail interest rate cuts starts, and it is savers who will be paying for the reductions in home loan rates. All the influences on wholesale rates are negative

New round of retail interest rate cuts starts, and it is savers who will be paying for the reductions in home loan rates. All the influences on wholesale rates are negative

Stats NZ says retail card spending fell 0.8% last month, while separate data showed the services sector remained in contractionary mode

Stats NZ says retail card spending fell 0.8% last month, while separate data showed the services sector remained in contractionary mode

US dollar under pressure with higher UST yields not providing support. The USD index fell to a three year low. The Michigan consumer sentiment survey expectations index slumped to the lowest level since 1980 while inflation expectations continued to rise

US dollar under pressure with higher UST yields not providing support. The USD index fell to a three year low. The Michigan consumer sentiment survey expectations index slumped to the lowest level since 1980 while inflation expectations continued to rise

David Hargreaves has a look at what the March quarter inflation figures might bring. That's the easy bit. The hard bit is trying to work out what might come next

David Hargreaves has a look at what the March quarter inflation figures might bring. That's the easy bit. The hard bit is trying to work out what might come next

Further large swings in asset markets. US equities fall sharply. US CPI softer than expected though the data predates the impact of tariffs. Gold prices reach another record high

Further large swings in asset markets. US equities fall sharply. US CPI softer than expected though the data predates the impact of tariffs. Gold prices reach another record high

Homebuyers' borrowing power boosted as ASB and Westpac follow ANZ in lowering mortgage test rates

Homebuyers' borrowing power boosted as ASB and Westpac follow ANZ in lowering mortgage test rates

Equity indices surge higher after Trump announced a 90 day pause on the implementation of tariffs on non-retaliating countries. The S&P gained more than 7%. Huge bond market volatility

Equity indices surge higher after Trump announced a 90 day pause on the implementation of tariffs on non-retaliating countries. The S&P gained more than 7%. Huge bond market volatility

Although most rate changes focused on home loan floating and savings account rates, there was a first trimming of term deposit rates by SBS Bank. They won't be the last

Although most rate changes focused on home loan floating and savings account rates, there was a first trimming of term deposit rates by SBS Bank. They won't be the last

Banks quick out of the blocks with cuts to floating home loan rates - and they are also cutting savings account rates

Banks quick out of the blocks with cuts to floating home loan rates - and they are also cutting savings account rates

Financial Markets Authority signals tougher oversight of New Zealand’s banks over the length of time they’re taking to implement OCR rate cuts as CoFI regime takes effect

Financial Markets Authority signals tougher oversight of New Zealand’s banks over the length of time they’re taking to implement OCR rate cuts as CoFI regime takes effect

Market focus on tariff negotiations with countries lined up; China is a notable exception and China said it will "fight to end". Markets remain choppy; Big early gain in US equities eroded

Market focus on tariff negotiations with countries lined up; China is a notable exception and China said it will "fight to end". Markets remain choppy; Big early gain in US equities eroded

Some wild market movements overnight; S&P500 trades a high/low range of 8.5%; EU working out how to retaliate. Bond markets sell off; UST 10-year rate trades above 4.2% overnight, curve steepens

Some wild market movements overnight; S&P500 trades a high/low range of 8.5%; EU working out how to retaliate. Bond markets sell off; UST 10-year rate trades above 4.2% overnight, curve steepens

BNZ economists reiterate their longstanding prediction that the RBNZ will ultimately take the Official Cash Rate down to 2.75%

BNZ economists reiterate their longstanding prediction that the RBNZ will ultimately take the Official Cash Rate down to 2.75%

Extreme volatility across global markets after China escalated the trade war by hitting an extra 34% tariff on US goods. S&P closed 6% lower as growth assets slumped. Powell focused on inflation suggesting limited scope for a near-term policy pivot

Extreme volatility across global markets after China escalated the trade war by hitting an extra 34% tariff on US goods. S&P closed 6% lower as growth assets slumped. Powell focused on inflation suggesting limited scope for a near-term policy pivot

Trump's reciprocal tariff policy was much worse than expected, rocking financial markets. Flight to quality as global equities plunge. Bonds well supported. Oil prices plunge on global growth concerns and OPEC+ production upscale

Trump's reciprocal tariff policy was much worse than expected, rocking financial markets. Flight to quality as global equities plunge. Bonds well supported. Oil prices plunge on global growth concerns and OPEC+ production upscale

Reports the US 'reciprocal tariffs' will come in three bands, differing by country and industry. Wall Street rises. US Treasury yields rise

Reports the US 'reciprocal tariffs' will come in three bands, differing by country and industry. Wall Street rises. US Treasury yields rise

US economic data reflects economic uncertainty ahead of tariffs. ISM manufacturing index below expectations. Details point to weak activity and increasing inflation pressures. UST 10-year yield at lowest level since early March

US economic data reflects economic uncertainty ahead of tariffs. ISM manufacturing index below expectations. Details point to weak activity and increasing inflation pressures. UST 10-year yield at lowest level since early March

Banking the first sector to apply the newly enacted Consumer Data Right

Banking the first sector to apply the newly enacted Consumer Data Right

Simon Upton, Parliamentary Commissioner for the Environment, tells banking inquiry its ‘entirely appropriate’ for banks and insurers to consider climate risks in order to ensure the sustainability of profits over time

Simon Upton, Parliamentary Commissioner for the Environment, tells banking inquiry its ‘entirely appropriate’ for banks and insurers to consider climate risks in order to ensure the sustainability of profits over time

US tariff uncertainty weighs on global equity markets; some chunky falls across the world and US equities on track for their worst quarter in nearly three years. Oil prices higher after Trump mulls secondary tariffs for buyers of Russian crude

US tariff uncertainty weighs on global equity markets; some chunky falls across the world and US equities on track for their worst quarter in nearly three years. Oil prices higher after Trump mulls secondary tariffs for buyers of Russian crude

Concerns about the widening trade war and stagflationary US economic data weighed on risk sensitive assets. US real consumption undershot expectations while core PCE moved higher. The S&P500 fell contributing to a rally in US treasuries and gold

Concerns about the widening trade war and stagflationary US economic data weighed on risk sensitive assets. US real consumption undershot expectations while core PCE moved higher. The S&P500 fell contributing to a rally in US treasuries and gold

Trade war intensifies after Trump orders 25% tariffs on imports of foreign-made cars, bringing retaliation threats from the EU, Canada, Japan and South Korea

Trade war intensifies after Trump orders 25% tariffs on imports of foreign-made cars, bringing retaliation threats from the EU, Canada, Japan and South Korea

Savers are increasing balances at banks at almost twice the rate borrowers are taking out loans. Banks are under no pressure and are trimming TD rates in small amounts regularly now

Savers are increasing balances at banks at almost twice the rate borrowers are taking out loans. Banks are under no pressure and are trimming TD rates in small amounts regularly now

Kiwibank the slowest major bank to cut floating mortgage rates as the OCR falls, while ASB takes first place for the fastest bank to hike those rates when the OCR rose

Kiwibank the slowest major bank to cut floating mortgage rates as the OCR falls, while ASB takes first place for the fastest bank to hike those rates when the OCR rose

Soft risk tone overnight as uncertainty about US trade policy weighs on investor sentiment. US traded copper futures reach a record high after a 25% plus gain since the start of the year

Soft risk tone overnight as uncertainty about US trade policy weighs on investor sentiment. US traded copper futures reach a record high after a 25% plus gain since the start of the year