A review of things you need to know before you go home on Wednesday; stronger home loan demand, more SUVs, PPIs fall, Chinese stocks a worry, fewer farms sell at lower prices, swap rates steepen

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
The Cooperative Bank has cut term deposit rates for periods of 3 to 9 months by 5 bps.

STRONGER
Last week there was a local surge in new housing loan approvals according to data released by the Reserve Bank today. Previously we had reported a more normal winter softness but that seems to have evaporated. Both volume and value growth seems to have pushed back up to the top of the range for year-on-year comparison.

POPULAR DEBT
The latest results for today’s LGFA Bond Tender Number 31 showed strong demand for the 2027’s which had a coverage ratio of 2.4x and a yield of 4.09%. The last time 2027’s were offered in mid July the yield was 4.3%.

LEADING THE WORLD
New Zealand SUV sales growth is among the world’s fastest according to latest industry figures. At the current average rate of growth of +27% pa, one out of every two new passenger vehicles in NZ in the next three years will be an SUV. In contrast other passenger vehicles growing at only +4% pa.

OUR POLLS ARE BACK !
We have relaunched readers polls. Anyone can vote; whether you are a registered user or not. You can find the latest poll in the right hand sidebar.

NO PRESSURE
Producer prices fell for the fifth consecutive quarter, declining by -0.3% for input prices and -0.2% for output prices. These are minor changes. Lower milk and electricity costs were the biggest decliners, but with producer prices having fallen consistently over the last year, the latest PPI indexes show a continuing lack of inflationary pressure across the broader economy.

MORE WEAKNESS
Chinese share markets are under pressure again today in early trading. They are currently down another -4% of top of yesterday’s -6%. More than 2,200 A-share companies are trading lower. This is not a good situation, even though Chinese stock markets are nowhere near as important to the local economy as, say Wall Street, or London. But the cumulative impact is starting to get ugly again.

A TOUGHER SELL
The number of farm sales were down to 114 in July, and -14% below the 132 sold in the same month a year ago. But prices per hectare are showing wide ranges. For dairy farms in all regions, prices paid per hectare declined year-on-year, except in Auckland and Northland. On the other hand we are seeing very substantial $/ha rises for horticulture in Northland, Auckland, Bay of Plenty, Gisborne and Nelson. The other main farm types – arable, grazing, finishing – are all showing $/ha declines across most regions.

AVOIDING BANKERS
SkyCity today said it is seeking up to $125 mln in new “unsubordinated, unsecured, redeemable, fixed rate, seven year bonds”. It wants to pay down bank debt.

LOVING THE NORTH
The number of lifestyle blocks sold in July were generally lower, except in Northland where they have zoomed to spectacular levels. Auckland escapees ?

WHOLESALE RATES STEEPEN
Swap rates rose +1 to +3 bps for terms 2 to 10 years on the back of a small firming in New York earlier today, plus the better than expected dairy auction result. The 90 day bank bill rate also rose, by +2 bps to 2.92%..

NZ DOLLAR STABLE
The New Zealand dollar was basically unchanged today after it put in a small gain yesterday in anticipation of the rising dairy prices. It is still at 65.8 USc, at 89.7 AUc, and 59.6 euro cents. (For the record, there was virtually no change today to the Chinese yuan rate.) The TWI is at 70.5. 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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