Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
No changes today.
TODAY'S DEPOSIT RATE CHANGES
NZCU Baywide cut term deposit rates for all terms from 1 month to two years. They were all small reductions.
GAINS STILL FLOWING
All equity markets in our general time zone are higher today (including Shanghai), although some gains are modest. This follows good rises on Wall Street and startling rises on European bourses.
SURPRISE FALL
Property prices in Australia are falling, according to the Australian Bureau of Statistics. Overall they fell -0.2% in the March quarter, whereas markets were expecting a +0.8% gain. This was the first fall since Q3-2012. Mostly this is a fall in the value of apartments, which showed some interesting trends. Melbourne fell -1.3%, Sydney was down -0.6%, Perth was -1.1% lower as was Canberra. Adelaide dropped -0.4%. Brisbane bucked that trend, rising +0.7%.
LOW INFLATION, NO RATE CUT
The Reserve Bank of Australia released the minutes of its last (no change at 1.75%) meeting and it was a fairly upbeat look at their economy. It downplayed the likelihood on any rate cuts there in the immediate future despite continuing low inflation.
ANOTHER MAJOR INFRASTRUCTURE PROJECT
Planning for $700 mln worth of improvements to Auckland's Northern Motorway has started. Preliminary designs and preparations for consenting have begun with construction scheduled to start in 2018. It will provide a direct motorway to motorway connection between SH1 and SH18, plus an alternative travel route between Northland and Auckland’s North Shore. It will enable people in the North to access the airport without going through the CBD. The first step is worth $100 mln. (A list of all major Auckland projects is here.)
SWAP RATES INCH UP
Local swap rates are up only +1 or +2 bps today, ignoring the sharp rises we saw on wall Street earlier today. NZ swap rates are here. The 90-day bank bill rate also put back +1 bp, now at 2.34%.
NZ DOLLAR FIRMS
The local currency is marginally higher than this time yesterday. Is now at 71.2 USc, at 95.2 AUc, and 62.8 euro cents. The TWI-5 is now just under 74.1. Check our real-time charts here.
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Daily exchange rates
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9 Comments
Tomorrow 10:45 am. http://www.interest.co.nz/Economic-calendar
Government says Auckland will need road tolls in next few years
http://www.stuff.co.nz/business/81306110/tolling-will-be-needed-on-auck…
Ohh, boy, that will go down like a lead ballon.
Without foreign buyers, international student buyers, proxy foreign buyers, recent immigrant buyers, foreign section buyers, the Aussie & Auckland housing market will slowly deflate.
Do you really thing wage earners and NZ rental investors can keep such a gigantic bubble inflated?
Are in denial....
More they are running a crap persuasion programme.
None of these boys are flash at it lately.
As for the Sugar Hit policies and programmes we have now. It really does seem the finance guys fault. Normally a hard charging sales guy out front is held in check by a numbers guy (CFO Finance Director type) with a steady hand - driven by ambition to later be a top guy.
Thats not what we have here.
Our numbers guy (who should be standing up the sales guy) is a busted top guy ex contenter. He had his run, a couple of times and stuffed it. And now taken in by the colour and movement...
Therefore the sales guy is running amuck.
The Oz banks are creaming themselves. Cannot help themselves. Oz remember gives us the freak show management of the ARU.
Name all the great international Oz companies.?
They can only work successfully in markets that they can corner. And work over customers. Youi know who you are.
No one dreams of getting in some of that great Australian management. Or 8great Australian international management.in to sort out a problem. Cause. Where is it?
Even all the Australian superannuation money. But no investment must come from China.
P.S.
Advanced Oz management example. Just don't grow old.
http://m.smh.com.au/business/the-economy/aged-care-clients-staff-set-to…
P.S.2.
Advanced management Oz style example. Who needs to eat or produce food.
mal treatment of suppliers, alienation of customers (and vice versa)
http://m.smh.com.au/business/retail/woolworths-reworks-loyalty-20160621…
The local currency is marginally higher than this time yesterday. Is now at 71.2 USc
Hmmm - just the beginning?
Back in 1995, an international trade dispute between the U.S. and Japan helped drive a 25 percent plunge in the dollar versus the yen.
Now, with Hillary Clinton and Donald Trump heading into the November presidential election pledging to reshape U.S. trade policy, some of the world’s biggest currency traders are warning of a repeat performance. Read more
Maybe we should do this to our bankers? Gotta love China eh David? Make good solid NZ colonisers...
Video shows staff at China bank being spanked
http://www.bbc.co.uk/news/world-asia-china-36583486
How long before this is deleted and I'm banned... Clock clicking,... now!
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