BNZ
ANZ goes second, cutting retail rates. Both fixed home loan and term deposit rates have been sliced, some by as much as -30 bps. Almost certainly they will be followed by the other major banks, forcing the challenger banks into a tough spot
17th Jul 24, 5:59pm
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ANZ goes second, cutting retail rates. Both fixed home loan and term deposit rates have been sliced, some by as much as -30 bps. Almost certainly they will be followed by the other major banks, forcing the challenger banks into a tough spot
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
17th Jul 24, 7:51am
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
16th Jul 24, 8:07am
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
Activity in the service sector has dropped sharply again in June to once again be at the lowest level in 17 years apart from during lockdowns
15th Jul 24, 11:43am
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Activity in the service sector has dropped sharply again in June to once again be at the lowest level in 17 years apart from during lockdowns
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
15th Jul 24, 7:31am
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
Savers should move quickly to capture term deposit specials before they expire. It seems likely that they won't be repeated any time soon
12th Jul 24, 10:11am
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Savers should move quickly to capture term deposit specials before they expire. It seems likely that they won't be repeated any time soon
Another benign US CPI result drove a sharp rally in US Treasury yields. USD weakness wasn’t sustained however, except for a plunge in USD/JPY with official intervention suspected
12th Jul 24, 7:53am
Another benign US CPI result drove a sharp rally in US Treasury yields. USD weakness wasn’t sustained however, except for a plunge in USD/JPY with official intervention suspected
Westpac has responded to the diving wholesale rates following dovish RBNZ signals by cutting its popular short fixed home loan rates, and trimming its short term deposit rate offers
11th Jul 24, 12:11pm
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Westpac has responded to the diving wholesale rates following dovish RBNZ signals by cutting its popular short fixed home loan rates, and trimming its short term deposit rate offers
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
11th Jul 24, 7:43am
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
Economists say interest rates could be cut as soon as August after the Reserve Bank performs ‘dovish pivot’ at July meeting
10th Jul 24, 6:37pm
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Economists say interest rates could be cut as soon as August after the Reserve Bank performs ‘dovish pivot’ at July meeting
The Reserve Bank of New Zealand has held the Official Cash Rate at 5.50% but noted this policy may be hurting the economy more than expected
10th Jul 24, 2:21pm
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The Reserve Bank of New Zealand has held the Official Cash Rate at 5.50% but noted this policy may be hurting the economy more than expected
BNZ says falling job ads are ‘symptomatic’ of ailing demand for labour as June job ads tumble 8.2% – the biggest monthly fall in almost three years
10th Jul 24, 12:02pm
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BNZ says falling job ads are ‘symptomatic’ of ailing demand for labour as June job ads tumble 8.2% – the biggest monthly fall in almost three years
Powell’s testimony largely repeated previous messages, didn’t move the needle in financial markets. There has been more action in Europe, with the Euro Stoxx 600 index down 0.9%, led by France, and French-German bond spreads widened
10th Jul 24, 7:49am
2
Powell’s testimony largely repeated previous messages, didn’t move the needle in financial markets. There has been more action in Europe, with the Euro Stoxx 600 index down 0.9%, led by France, and French-German bond spreads widened
Market movements well-contained, with little impact from the shock French election result. Key equity markets show small changes, the US 10-year rate is down slightly, the NZD has underperformed and is modestly weaker
9th Jul 24, 7:39am
Market movements well-contained, with little impact from the shock French election result. Key equity markets show small changes, the US 10-year rate is down slightly, the NZD has underperformed and is modestly weaker
Kiwibank economists say they would recommend cutting the Official Cash Rate in August
8th Jul 24, 1:45pm
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Kiwibank economists say they would recommend cutting the Official Cash Rate in August
Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
8th Jul 24, 7:26am
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Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
With the economy in a tailspin and the RBNZ stubbornly holding the OCR, Gareth Vaughan takes a look at the non-tradable inflation dilemma
6th Jul 24, 9:10am
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With the economy in a tailspin and the RBNZ stubbornly holding the OCR, Gareth Vaughan takes a look at the non-tradable inflation dilemma
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
5th Jul 24, 7:37am
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
With loan demand softer than customer deposit growth, banks are now less likely to press for more customer funding. BNZ eases back on some above-rival term deposit rates
4th Jul 24, 10:02am
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With loan demand softer than customer deposit growth, banks are now less likely to press for more customer funding. BNZ eases back on some above-rival term deposit rates
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
4th Jul 24, 7:44am
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
Union bemoans potential offshoring of banking jobs 'in an attempt to drive wages down' as BNZ eyes shifting some roles to India
3rd Jul 24, 11:47am
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Union bemoans potential offshoring of banking jobs 'in an attempt to drive wages down' as BNZ eyes shifting some roles to India
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
3rd Jul 24, 7:39am
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
Economists are eyeing earlier interest rate cuts after ‘dire’ business survey shows inflation has been ‘beaten’
2nd Jul 24, 1:49pm
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Economists are eyeing earlier interest rate cuts after ‘dire’ business survey shows inflation has been ‘beaten’
BNZ economists say they hope the Reserve Bank will 'eventually accept' there are a number of relative price increases such as insurance and rates that can be 'looked through'
2nd Jul 24, 10:55am
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BNZ economists say they hope the Reserve Bank will 'eventually accept' there are a number of relative price increases such as insurance and rates that can be 'looked through'
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France
2nd Jul 24, 7:41am
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France