A review of things you need to know before you sign off on Friday; only minor retail rate changes, Fonterra settles class action, OpenPay cops AML warning, agents glum, NZ brand value rises, swaps firm, NZD unchanged

Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).

MORTGAGE RATE CHANGES
TSB raised their 6 and 12 month fixed rates.

TERM DEPOSIT RATE CHANGES
Westpac raised its 3, 8, 9 month TD rates. China Construction Bank also raised its TD rates.

BANK FEES FOR BUSINESSES
In the first of a series of articles on bank fees, Matt Skinner looks at the business borrowing fees the major banks charge. There is surprising variation.

SETTLED
Fonterra announced today that is settled a class action brought against it in Australia by farmers in 2016 for AU$25 mln. They claim it has been previously fully provided in their accounts so will have no current impact on 2022/23 earnings. The claim relates to the way they treated about 1000 Victorian farmers in when Bonlac rolled over and Fonterra clawed back about AU$60 mln in milk payments during some unsustainable competition.

THE BEST FUND MANAGERS?
Research IP has released the shortlist of finalists in their Fund Manager of the Year Awards for 2022, to "recognise the best fund managers in the country". You can check the list here. In a change for 2022, retail investors can now have their say about who their favourite fund manager is, with the introduction of the Investor Choice award. Vote here.

THE INVESTMENT LANDSCAPE
Research IP has summarised the October investment and funds management landscape, observing the USD cash rate was increased to 4% this week which is approximately what the 10 year bond was yielding at 31 October. Equity markets rebounded in October, except for emerging markets. More details here.

PUNCHING ABOVE OUR WEIGHT
New Zealand's country brand was valued at US$248 bln (NZ$430 bln) in 2022, an increase of US$29 bln (NZ$40 bln). We rose from #42 in the world in 2021 to #39 in 2022. And that shows we have been punching well above our weight given our economy is ranked #51 in the world. Just for reference, Australia is #11 by brand value (unchanged), and #14 in GDP rank. (Australia's brand value is 6 times more than ours; their GDP is 7x more than ours. Their brand value is 93% of their GDP while ours is 102% of our GDP.)

HORSE BOLTED?
Buy now pay later service provider Openpay has copped a formal anti-money laundering warning from the  Department of Internal Affairs who claimed the company failed to establish, implement or maintain an AML/CFT program. No-one knows what the money laundering consequence of that failure really were.

AGENTS GLUM, BUYERS CAUTIOUS
The latest survey by the REINZ & Tony Alexander paints a glum picture of the spring real estate market, showing sales remained sluggish in October with buyers still very cautious.

SWAP RATES FIRMER
Wholesale swap rates may possibly be firmer again. NZGB yields certainly are again. Our chart will record the final positions. The 90 day bank bill rate is unchanged at 4.17%. The Australian 10 year bond yield is now at 3.87% and settling back -3 bps. The China 10 year bond rate is unchanged at 2.69%. The NZ Government 10 year bond rate is now at 4.62%, and up another +4 bps from this time yesterday and now still above RBNZ fix for the NZGB 10 year which was up +2 bps at 4.58%. The UST 10 year is now at 4.15% and up +3 bps from this time yesterday.

EQUITIES FALLING
In New York, the S&P500 fell -1.1% at the end of Thursday trading. Tokyo is down -2.0% in Friday morning trade. But Hong Kong has opened up +3.4% in early Friday trade continuing a wild volatile week. Shanghai has opened +1.2% higher. Rumours continue to swirl on lockdown easing. The ASX200 is up +0.3% in afternoon trade and heading for a +1.3% weekly rise. The NZX50 is up a minor +0.1% in late trade and heading for a weekly gain of +0.6%.

GOLD SOFT
In early Asian trade, gold is at US$1633/oz and down -US$6 from this time yesterday.

NZD STABLE
The Kiwi dollar is a little softer at 57.9 USc. Against the AUD we are factionally firmer than this time yesterday at 91.8 AUc. Against the euro we unchanged at 59.2 euro cents. That all means our TWI-5 is at 68.9 and unchanged.

BITCOIN BECALMED
Bitcoin is lower today, now at US$20,272 very little changed and up by just +0.4% from this time yesterday. Volatility over the past 24 hours has been low at just over +/- 0.8%.

This soil moisture chart is animated here.

Keep abreast of upcoming events by following our Economic Calendar here ».