China's stock market seizes up, iron ore prices crash, NY Stock Exchange re-opens; UST 10yr yield rises, NZ$1 = 67.4 US¢, 90.6 AU¢, TWI-5 = 71.7

Here’s my summary of the key issues overnight that affect New Zealand, with news the New Zealand dollar has soared as uncertainty grips the US and Australian markets.

China’s tumbling stock market is showing signs of seizing up. Companies are scrambling to escape the retreat by suspending their shares, and indices are plunging as the securities regulator warns of a “panic sentiment” gripping investors.

Beijing has unveiled further measures to arrest the sell-off, and the People’s Bank of China says it will step up support to brokerages enlisted to prop up shares.

China’s wobbles are sending commodity prices down, hitting Australia hard. The price of iron ore has plunged to its lowest level in at least six years. It’s dropped 10% to less than US$45 a tonne, as demand from China threatens being cut, just as producers had planned to raise output. The Australian dollar has responded by falling to a six-year low against the US.

The race to save Greece from bankruptcy is gathering pace. Athens has submitted a request to the European Stability Mechanism bailout fund, to get a three-year loan, of an unspecified amount. It’s promised to start implementing the tax and pension measures sought by creditors as early as Monday. European authorities are speeding up their review of the request.

The New York Stock Exchange has just re-opened after a technical glitch stopped trading for nearly four hours. It was the longest suspension at the exchange in recent years, even though trading could continue on other stock exchanges.

The UST 10yr yield benchmark has risen from this time yesterday, to 2.22%.

New Zealand swap rates have dropped sharply, with the 2-year rate the lowest it’s been since May 2013, at 2.93%.

Oil prices continue to fall today. The US benchmark price is US$51/barrel, and Brent crude is just below US$57/barrel.

The gold price has rebounded slightly from its US$20 fall yesterday, to US$1,161/oz.

The New Zealand dollar has soared this morning. It’s up 90 bp to 67.4 US¢, up more than a cent to 90.6 AU¢, and up to 60.9 euro cents. The TWI-5 has risen from its three-year low to 71.7.

If you want to catch up with all the local changes yesterday, we have an update here.

The easiest place to stay up with event risk today is by following our Economic Calendar here »

Daily exchange rates

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for(i=0;i

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