Here are the key things you need to know before you leave work today.
CONSUMER CONFIDENCE REMAINS VERY HIGH
The ANZ Roy Morgan consumer confidence index for February was down just a tad, but seasonally adjusted is at a seven year high. Confidence is spreading to all corners of the country, ANZ says. Younger people are more confident than the older.
PRODUCER PRICES
Producer output prices slipped 0.4% in the December quarter, following a huge 2.4% gain in September. However, with cost pressures continuing to cool there were further signs profit margins are improving.
SIMPLER SME ACCOUNTS
The official External Reporting Board wants all small business owners and managers to know that they no longer have to prepare full GAAP accounting statements if they don't want to. New rules come into effect in April 2014.
TERM DEPOSIT RATE RISE
CU South raised its 6 month TD rate to 4.25% pa and added a new 2 year special of 5.25% pa.
MORE JOB ADS
The number of job advertisements rose 2.8% s.a. in the January ANZ survey, bouncing back after two months of falls.
IT'S RAINING BONDS
Christchurch City Council is in the market today for $45 mln of floating rate notes. These are priced at 0.53% above the 3 month FRA settlement rate. Auckland Council is also in the market for a 10 year bond. Neither are using the LGFA which had an $175 mln issue yesterday. Plus Fonterra and IBRB have said they are about to come to market too.
LONGER LIFE EXPECTANCY
The latest abridged life expectancy tables from Stats NZ show that at birth in 2013 you can expect to live to 81.5 years (average of male and female). If you are 60, expect to live till you are 84.5; at 80 expect to live till 89.4. Of course these are averages - half will live shorter and half longer. This data however is based on past death dates. In the future these dates will extend. A retirement requires a long term planning horizon - probably longer than you will take to pay off a 30 year mortgage.
WHOLESALE RATES
Swap rates were up 3 bps today across all terms. The 90 day bank bill rates are up also today, now at 2.97%. As we get closer to March 14 and the next OCR review, markets are pricing in a rise.
OUR CURRENCY RISES
The NZD is ending the day near its daily low against the USD. The TWI is now 77.6.
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