Here are the key things you need to know before leaving get off work today (or before shutting down your laptop if you’re already working from home).
Mortgage Rate Changes
Cooperative banks followed other banks in cutting many fixed rates. last night Both Westpac and TSB passed their own cuts, and TSB’s cuts were market leading.
Changes in Fixed Deposit Interest Rates
No one is reporting here today – at least so far.
Disruptions in the construction industry have been Reduce new home construction In Auckland, June was up more than -10% year-on-year.
Regional Banking Center Pilot Expansion
The six banks participating in the regional banking centre trial are adding four centres and extending the trial to the end of 2023. From mid-2023, new centres will be located in Whangamatā, Ōpōtiki, Tūrangi and Waimate. The existing four are located in Martinborough, Ōpunake, Stoke and Twizel. The trial, launched in November 2020, includes ANZ, ASB, BNZ, Kiwibank, TSB and Westpac. They promised not to close any regional branches until the end of 2023.
Electric cars will soon win almost all new car sales
Analysts Fitch Solutions said the “April 2022 launch”Bonus – Malicious‘ scheme – which offers rebates for the purchase of vehicles with lower CO2 emissions but charges for vehicles with higher CO2 emissions – as part of a clean car discount scheme that has boosted sales of electric vehicles and plug-in hybrids. Near-term prospects New energy vehicles have grown exponentially over the decade. In 2021, they recorded sales of 18,620 new energy vehicles (EV plus PHEV). They forecast 102,000 by 2031. (Annual sales of all passenger cars/SUVs are forecast at 110,000 units in 2022.)
More securitized auto loans
FleetPartners NZ, a division of Australian-listed parent company Eclipix Group, has securitized a “pool of operating and finance lease receivables secured by passenger vehicles and commercial vehicles” at a face value of $225 million at a profit margin of 155 percent of BKBM bps to 500 bps.
The Japanese report something surprising household expenses June was up sharply, +3.5% higher than a year ago and just +1.5% higher than May. No analyst sees that jump coming. These are “true” returns adjusted for inflation. Granted, it’s only a month old, which doesn’t make it a trend. But there has been quite a bit of positive Japanese data recently, so these household data could be supportive and support the rise in inflation the BOJ has been seeking for decades.respectively, they report Revenue growth was also better than expected.
CFTC orders closure of VUW’s forecasting services
2014, Victoria University exempted Regulated by the U.S. Commodity Futures Trading Commission, where it operates an academic market for political election contracts predict it market. The U.S. exemption is required because many of these contracts operate in the United States.However, that waived today The CFTC required all US-linked contracts to close within six months, citing Victoria University’s failure to comply with the conditions of the original agreement. PredictIt Team dispute CFTC decision.
The Reserve Bank of Australia released monetary policy statement today and among predict Their unemployment rate is expected to fall to 3.4% by the end of 2022 as inflation rises to 7.7%. That means they could challenge our crown of lowest unemployment across the Tasman. (our 3.3% compared to June Their At the same time, it was 3.5%. )
Swap rates flatten
Wholesale swap rates may not move much today, and any change would flatten the curve. The 90-day bank bill rate rose +2 basis points to 3.23%. It was a seven-year high and the highest level since June 2015. The Australian 10-year bond yield is currently at 3.13%, down -3 basis points from this time yesterday. China’s 10-year bond rate is currently unchanged at 2.74%. The New Zealand government 10-year bond rate is currently at 3.35%, down -3bps and is now well below the RBNZ’s previous fixed rate on the bond, which rose +3bps to 3.39%. UST 10Y is currently at 2.69%, down -3 basis points from this time yesterday.
Stock market limp to end week
On Wall Street, the S&P 500 closed little changed on Thursday, up just 0.5% so far this week. Tokyo opened +0.7% on Friday and is +1.1% higher on the week. Hong Kong was flat today, up 0.7% so far this week. Shanghai rose +0.2%, limiting weekly losses to -1.6%. The ASX200 was up +0.3% in afternoon trade and was up +0.8% on the week. The NZX50 was flat, up 2.1% on the week.
In early Asian trade, gold was up $22 from this time yesterday and is now at $1,791 an ounce.
New Zealand dollar moves slightly
The New Zealand dollar has firmed to $63 today, up slightly from this time yesterday. Our Aussie dollar remains unchanged at A$90.4. It was weaker against the euro at 61.4 cents. This means that our TWI-5 is now only 71.2.
Bitcoin is now at $22,818, down -1.3% from this time yesterday. Volatility has been moderate over the past 24 hours at just over +/-1.7%.
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