BNZ

The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields

The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields

Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker

Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker

The services sector again contracted slightly in the last month and is 'a long way from being back to full health'

The services sector again contracted slightly in the last month and is 'a long way from being back to full health'

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again

In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again

US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed

US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed

The Co-operative Bank tops bank customer satisfaction survey, with Consumer NZ highlighting low bank switching rates

The Co-operative Bank tops bank customer satisfaction survey, with Consumer NZ highlighting low bank switching rates

US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%

US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%

ICBC cuts both its 6 month and 1 year fixed home loan rates, setting them well below everyone else in a way that is sure to grab attention and add a competitive bite to the mortgage market

ICBC cuts both its 6 month and 1 year fixed home loan rates, setting them well below everyone else in a way that is sure to grab attention and add a competitive bite to the mortgage market

Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly

Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly

US asset markets look ahead to trade talks between the US and China. US claims ‘substantial progress’ in the negotiations. Chinese exports were surprisingly strong in April. Currency markets subdued overall

US asset markets look ahead to trade talks between the US and China. US claims ‘substantial progress’ in the negotiations. Chinese exports were surprisingly strong in April. Currency markets subdued overall

Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board

Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board

BNZ chief economist Mike Jones says the majority of positive cash flow from falling mortgage rates is yet to filter through, but will do so over the coming 6-12 months; cautions again on 'going short'

BNZ chief economist Mike Jones says the majority of positive cash flow from falling mortgage rates is yet to filter through, but will do so over the coming 6-12 months; cautions again on 'going short'

US Fed held rates steady and indicated the risk of higher inflation and unemployment had risen. More signs of a de-escalation in the trade war. China announced range of measures of economic support

US Fed held rates steady and indicated the risk of higher inflation and unemployment had risen. More signs of a de-escalation in the trade war. China announced range of measures of economic support

BNZ books impairment write-back due to confidence in economy despite seeing business customers postponing investment

BNZ books impairment write-back due to confidence in economy despite seeing business customers postponing investment