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
General Finance has issued a new prospectus, and revised its term deposit rates lower.
CORNER TURNED ?
GDT auction dairy prices rose strongly in US dollars for the second consecutive auction this morning, adding to the big rise we saw two weeks ago. The gains were even higher in NZ dollars.
EKING OUT A TINY GAIN
Australia’s economy grew by just +0.2% in the June quarter, half the pace economists had expected. That brought the full year growth to just +2%, disappointing just about everyone. However, Australia has been flirting with a recession for some time now and it has never seemed to arrive. It has recorded 24 years of continuous expansion, something of a top performance in the Western world.
DEBT SPONGES
Even though last week's mortgage approval data was almost unchanged from the week before, it worth noting that year-on-year the volumes of approvals are now up over +10%. This the first time in over two years we have seen that. Value of approvals are up +28% year-on-year, also the fastest growth pace in slightly longer. New mortgages are being approved at the rate of $1.4 bln each week.
DOUBLING UP
Today rules were changed to allow local government and other road controlling authorities to issue permits for high capacity buses, including double-decker buses, in urban areas - starting in Auckland but moving elsewhere.
CHINA SEESAW
Mid-day in Shanghai and their equities are up +3% following yesterday's substantial fall.
WHOLESALE RATES LOWER
Swap rates rose +2 bps across the board, making back what it gave up yesterday. The 90 day bank bill rate continued its decline however, down -1 bp to 2.88%.
NZ DOLLAR SLIPS
The NZ dollar has gone nowhere, despite the jump in dairy prices this morning. It is still at 63.5 USc. But the soft Aussie Q2 growth report has seen us gain against them, now to 90.4 AUc. The TWI-5 is now up to 68.2. Check our real-time charts here.
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