Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
The Co-operative Bank cut its 4 year rate to 5.39% and 5 year down to 5.59%, both -16 bps.
DEPOSIT RATE CHANGES
NZCU Baywide trimed its 6 and 9 month rates, but added +5 bps to its 12 month rate, taking it to 4.15%.
OUR EXCUSE
This story will be progressively updated because we are running behind today. It was our annual end-of-year function and we have arrived back in the office a bit late. Check back later for more.
QV SIGNALS AKL, CHC DROPS, WTGN RISES
QV's latest valuations are a mixed bag, with average values flat or down compared to a year ago in Auckland and Christchurch, but rising in most other places.
FARMGATE RETURNS FALL
Fonterra has cut its 2017/18 forecast Farmgate Milk Price by -35 cents to $6.40 per kgMS reflecting 'prudent approach to ongoing volatility' in the global dairy market. See the full table here.
STRONG WHOLESALING
Growth in wholesale trade is up +6.2% in Q3 from the sale quarter a year ago. Higher grocery sales and fruit exports helped to lift overall wholesale trade values. This was partly offset by vehicle sales dipping from recent high levels.
STRONG DEMAND FOR LINKERS
September 2040 Government inflation-linked tender brought a weighted average accepted yield of 2.11% which was down -5 bps from the previous tender.
UNDER ACHIEVER
Australia’s trade surplus figure for both goods and services was sharply lower than expected in October as exports fell unexpectedly by -3% and imports rose. It has hit the AUD.
WHOLESALE RATES HOLD
Swap rates rose +1 bp today. The 90 day bank bill rate is unchanged at 1.90%.
NZ DOLLAR SLIPS
The NZ dollar is lower at 68.6 USc. On the cross rates we are unchanged at 90.9 AUc and 58.2 euro cents. The TWI-5 is now at 71.6. Bitcoin has just taken off again, now up to US$13,718 after having touched US$14,100 earlier.
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8 Comments
Just use the Cambridge News tactic to cover up for your late return:
http://www.ibtimes.co.uk/newspaper-blames-technical-error-hilarious-hea…
National's housing timebomb detailed in damning paper
The Housing Minister has been delivered a stark message by Government Ministries: the high cost of housing is a drain on health, education, employment, homelessness, productivity, is causing wealth inequality and increasing the cost of Government services.
The housing crisis is taking wealth off "younger and less wealthy people" and transferring it to existing landowners, "who are generally richer and older," MBIE informed the Minister.
The briefing says building more houses - especially much more affordable housing - is important. But it won't be enough. MBIE says there also need to be measures that will control demand. Temporary interventions could include restrictions on immigration and credit, it says.
meanwhile nick smiths response which is what you would expect from this former minister
The former Minister of Housing Nick Smith says there's something fishy going on with the briefing documents.
"They are usually drafted in a completely neutral way," he said.
maybe he means as a comic strip so he can read it
nothing new here, many of these statements have been made on this site by many for the last few years,
but maybe now we can get to start to fix the system
http://www.newshub.co.nz/home/politics/2017/12/national-s-housing-timeb…
Nick Smith is playing dumb but some of us were sending him information directly. He knows about everything and is making an attempt at plausible deniability. National could have made a fair attempt to not wreck the country but that would have required them not to be lazy and actually do something.
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