A review of things you need to know before you sign off on Tuesday; minor retail rate changes, SBS Bank upgraded, ComCom eyes council consistency, eyes on SMP, swaps stable, NZX50 firm, NZD soft, & more

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

MORTGAGE RATE CHANGES
ICBC cut its six month fixed rate to 4.39% almost matching the Bank of China's market-low 4.38%. All current mortgage rates are here. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here.

TERM DEPOSIT/SAVINGS RATE CHANGES
Southern Cross Partners cut their 1 and 2 year rates to 5.75% today. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.

UPGRADE FOR SBS BANK
Fitch Ratings has upgraded SBS Bank's credit rating to BBB+ from BBB citing improvement in SBS's capital ratios, which Fitch expects to be maintained over the next two years. (See credit ratings explained here). This upgraded rating puts them on par with both Co-operative bank and TSB.

SEEKING CONSISTENCY
The Commerce Commission has finalised new information disclosure rules for local councils and water organisations that deliver water supply and wastewater services. These rules introduce consistent public reporting so consumers can more clearly see how their local water service provider is performing and understand how money is being spent.

TAKE A BREAK, DO OUR QUIZ
Our quiz has been updated for this week's edition. You can do it here. And a new one will be added every Monday.

LOOKING AHEAD TO THE GDT PULSE AUCTION
Tomorrow's dairy Pulse auction is expected (by the derivatives market pricing) to bring another surge in SMP prices, raising these USD prices back to 2022 levels. The WMP pricing won't be so bullish however.

NZX50 UP AGAIN
As at 3pm, the overall NZX50 index is up +0.4% so far today. But that still puts it up +3.2% over the past five working days. It is now up +3.0% from six months ago. From a year ago it is now up +7.5%. Market heavyweight F&P Healthcare is up +5.3% so far today. In fact, the NZX50 gains are being led by F&P Healthcare, Sanford, Channel Infrastructure and Tourism Holdings while Genesis, Chorus, Serko and Investore Property fall away.

TRACKING DEATHS
In Australia, they have just found that 2025 had the highest level of flu deaths since 2000. Extended mortality tracking showed Australian deaths involving COVID-19 remain at very low levels, with just 53 deaths in November and 52 in December. But deaths involving influenza remain unseasonably high, with 95 deaths in November and 119 in December. During 2025, Covid-related deaths peaked in July at 360, while influenza deaths peaked in the same month at 328.

CHINA HOLDS
And the Chinese central bank left its benchmark lending rates unchanged for a ninth consecutive month in February, in line with what market expected, and that seems to show policymakers are not rushing to introduce broad monetary easing after their other recent targeted measures. 

SWAP RATES HOLD
Wholesale swap rates are probably little-changed to marginally softer today. Keep an eye on our chart below which will record the final positions closer to 5pm. The 90 day bank bill rate was unchanged at 2.49% on Monday. Today, the Australian 10 year bond yield is down -1 bp at 4.71%. The China 10 year bond rate is down -2 bps at 1.79%. The Japanese 10 year bond is down -1 bp at 2.09% today. The NZ Government 10 year bond rate is now at 4.38%, down -2 bps from this time yesterday. The RBNZ data is now 'prior day' with Monday's rate up +2 bps at 4.36%. The UST 10yr yield is down -4 bps from yesterday, now just on 4.04%.

EQUITIES MIXED
The local equity market has gained again in Tuesday trade, up +0.7% so far.  However, the ASX200 is down by -0.2% in afternoon trade. Tokyo is up +0.6% in its opening trade. Hong Kong is down -1.6% but Shanghai has returned from holiday up +1.0%. Singapore is down -0.6%. Wall Street was down -1.0% on the S&P500 at the end of its Monday trade.

OIL RISES SLIGHTLY
American oil prices are back up +50 USc at just under US$66.50/bbl, while the international Brent price is over US$72.50/bbl.

CARBON PRICE RISES
There have been more trades but small ones today on the secondary market, but the price has pushed up to $47/NZU. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.

GOLD FIRMS AGAIN
In early Asian trade, gold has risen from this time yesterday, up +US15/oz and now at US$5172/oz. Silver is down -US$ at just under US$86/oz.

NZD DIPS
The Kiwi dollar is back down -0 bps from this time yesterday against the USD, now at just on 59.6 USc. Against the Aussie we are down -20 bps at 84.4 AUc. Against the euro we down -10 bps at 50.6 euro cents. This all means the TWI-5 is now just on 63.1 and down -20 bps from this morning.

BITCOIN SLIPS
The bitcoin price is now at US$64,191 and down a minor -0.4% from this time yesterday. Volatility has been moderate at +/- 2.1%.

This soil moisture chart is animated here.

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