Here are the key things you need to know before you leave work today.
TODAY’S MORTGAGE RATE CHANGES
Westpac is matching ASB’s most recent home loan moves with ‘specials’ at the same rates. Westpac is raising its one year ‘special’ by +4 basis points to 4.39%. And the red bank is introducing a new three year fixed ‘special at 4.49%. More here.
TODAY’S DEPOSIT RATE CHANGES
No changes here either.
Just one day after the weak dairy action, the derivatives market is having second thoughts, with futures prices for WMP showing some rises today.
‘SOLID’ LENDING GROWTH FOR ASB
Australian banking behemoth, Commonwealth Bank of Australia which is ASB’s parent, says its unaudited September quarter cash earnings rose A$100 mln, or about 4.3%, to A$2.4 bln versus the September quarter last year. Group net interest margin was “stable” and credit quality remained “sound.” ASB’s lending growth was “solid.” CBA also announced “new and updated” environmental, social and governance policies and practices.
EXUBERANCE & WORRY
The Aussie stock market is down more than -1% today (at 1pm AEST), while the NZX is just holding its levels (down -0.1% at 4pm). That is in stark contrast to Shanghai and Shenzhen which were up strongly yesterday and in early trading are up again today although no where near as spectacularly as yesterday.
Air New Zealand today said it will buy 15 new French ATR72-600 aircraft to operate its regional services. The deal is worth US$375 mln or NZ$570 mln.
It is no longer going to be acceptable to refuse a Housing NZ house for reasons that are ‘unrealistically picky’. 35% of all social housing offers made last year were turned down by tenants. New regulations mean that doing that in future could see you removed from the social housing register for 13 weeks.
WHOLESALE RATES UNCHANGED
Local wholesale swap rates are essentially unchanged today although the 90 day bank bill rate gave up -1 bps to 2.92%.
NZ DOLLAR HOLDS
After giving up about -1c overnight the Kiwi dollar has held the line during the day today. It is at 65.9 USc, at 92.2 AUc and 60.7 euro cents. The TWI-5 is at 71.2. Check our real-time charts here.
You can now see an animation of this chart. Click on it, or click here.