TPP text finally made public; Chinese stock market rally drives volumes to 3-month high; US productivity up but still weak; US unemployment benefit applications rise; UST 10yr yield 2.25%; NZ$1 = 66.2 US¢, TWI-5 = 71.6

Here’s my summary of the key events overnight that affect New Zealand, with news the full text of the Trans-Pacific Partnership (TPP) has been released.

The hard work deciphering the 6000 page plus document will now begin, after years of the agreement’s details being kept under wraps. Legal verification of the text will continue in coming weeks, as the Government considers the final outcome from negotiations, before signing the agreement. It will then have to go through New Zealand’s Parliamentary process to get our final tick of approval.

With the task of getting the agreement past Congress ahead, US President Obama has said, “The TPP means that America will write the rules of the road in the 21st century. If we don’t pass this agreement – if America doesn’t write those rules – then countries like China will.”

Staying in the US, productivity increased more than expected in the third quarter, with manufacturing productivity growing at its fastest pace in four years. While productivity increased at an annual rate of 1.6% compared to the previous quarter, it only rose 0.4% compared to the same period last year.

Economists blame softer productivity on a lack of investment, which they say has led to an unprecedented fall in capital intensity. Weak productivity also boosted employment growth during this time, as companies hired more workers to increase output. Yet this in turn has contributed to wages stagnating.

Other data out of the US shows new applications for unemployment benefits recorded their largest increase in eight months last week. Still, last week marked the 35th straight week that claims were below the 300,000 threshold normally associated with a strong jobs market, and claims hovered near 42-year lows for much of October.

All eyes will be on the US non-farm payrolls report out overnight. 

Mainland Chinese stock markets have extended their gains overnight, as investors have jumped into blue-chip shares, driving transaction volumes to their highest levels in more than three months. Shanghai and Shenzhen closed up 2.1%, while the Shanghai Composite Index gained 1.9%.

In New York, the UST 10yr yield benchmark has jumped to 2.25% overnight. Global bond yields climbed to a seven-week high, after Fed Chair Janet Yellen yesterday said a US interest-rate increase remains a possibility for this year.

The price of oil remains low, with the US crude benchmark just below US$46/barrel, and the Brent benchmark just below US$49/barrel.

The gold price has fallen to US$1,106/oz.

The New Zealand dollar has recovered after reacting to global dairy prices falling and a weak jobs report yesterday. It’s at 66.2 US¢, 92.7 AU¢, and at 60.9 euro cents. The TWI-5 is at 71.6.

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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