A review of things you need to know before you go home on Tuesday; inflation expectations rise; Fitch likes the RBNZ, Bridgecorp boss to get out of jail; Shanghai down again; WMP futures lower; NZD lower

Here are the key things you need to know before you leave work today.

TODAY’S MORTGAGE RATE CHANGES
There are no changes to report today.

TODAY’S DEPOSIT RATE CHANGES
There are no changes to report today.

INFLATION EXPECTATIONS RISE
The widely watched RBNZ inflation expectations survey was out today. It was at 1.85% in 2 years time in the June quarter and is now 1.94% in two years. Households are even more concerned, expecting 2.2% in one year.

FITCH CHEERS RBNZ MOVE
Credit rating agency Fitch says the Reserve Bank’s move to introduce restrictions on banks’ lending to residential property investors will have a positive effect on bank credit. Fitch says the measures will protect the viability of banks by limiting their exposures to higher-risk mortgages if house prices fall sharply.

‘CHASTENED’ PETRICEVIC GRANTED PAROLE
Rod Petricevic, the former managing director of Bridgecorp, will be released on parole on September 7. It was Petricevic’s third application for parole. He was sentenced to six years and 10 months imprisonment in 2012 with his sentence not due to end until February 4, 2019. The Parole Board says he now appears to express “genuine remorse” for his actions and seems “chastened.” He won’t, however, be allowed to work, nor handle financial transactions or money for any other person, or give financial advice.

UNLISTED GETS REGULATORY EXEMPTION
Commerce & Consumer Affairs Minister Paul Goldsmith has granted share trading platform Unlisted an exemption from the licensing requirements of the Financial Markets Conduct Act. Without this he said Unlisted, which has traded since December 2003, might have had to shut down.

THE DRUBBING GOES ON
The Shanghai stock market is down again today by another -4%, but investors are showing much more selectivity on who gets hit. Banks and the least affected. Hong Kong on the other hand is up +2%, perhaps an early sign things might stabilise. Bill English is putting on a brave face; he can hardly be seen to be adding to the uncertainty. He did say that the lower currency will boost the profitability of many companies (and his tax take).

DAIRY FUTURES STEP BACK
September futures for whole milk powder slipped $US50 a tonne to $US2,110 today and contracts from October through May also fell, according to NZX data. This comes after they rose almost +50% over the past two weeks or so. Today’s fall is more of a sensible correction rather than any confidence crash.

WHOLESALE RATES FIRM
Swap rates are unchanged today for terms to 4 years and higher for longer terms. The 90 day bank bill rate slipped back -1 bp to 2.92%.

NZ DOLLAR SOFTER
The NZD has fallen after a volatile 24 hours against the greenback. It is now at 65.3 USc (after falling to as low as 64.3 at one stage), lower at 90.4 AUc, and lower against the euro at 56.6 euro cents. The TWI-5 is at 69. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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for(i=0;i

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