A review of things you need to know before you sign off on Monday; Coop Bank raises rates, retail flatlines, Labour releases its list, Ryman launches new bond, Synlait makes funding progress, swaps up, NZD holds, & 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
The Cooperative Bank moved its fixed home loan rates up today, all but their 6 month rate. All current mortgage rates are here. And note, you can compare mortgage offers with our unique calculator that takes into account other costs and cashback incentives, here.

TERM DEPOSIT/SAVINGS RATE CHANGES
Coop Bank also raised their 9 and 12 month TD rates, plus their 2, 3, and 4 year TD rates. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.

UNIMPRESSIVE
Paymark (ex-Worldline) reported underwhelming transaction activity through its payment network in May. This was especially true in Auckland. The spending growth in Canterbury looks impressive but they remind us that the year-ago levels there were unusually depressed. However, any type of expansion (even that less than inflation) is being celebrated by retailers.

THE LABOUR LIST
The Labour Party has released its 2026 election candidate list. See it here.

NZX50 LOWER TO START THE WEEK
As at 3pm, the overall NZX50 index is down -0.5% so far today, with a weekly fall now of -1.1%. It is down -2.9% from six months ago. From a year ago it is now up +4.5%. Market heavyweight F&P Healthcare is little-changed from Friday. So far today there have been 26 gainers led by Synlait Milk, Kathmandu, A2 Milk and EBOS. There have been 53 decliners led by Heartland, Oceania, Meridian and Infratil.

FUNDING ROLLOVER
Under-pressure Ryman Healthcare is seeking up to $150 mln in a six-year new bond issue. It is needing to offer up to +190 bps over swap to improve its chances to raising this cash. Ryman (RYM) only had cash reserves of $10 mln at its March 2026 balance date. These funds are said to be for: "The purpose of the offer is to provide further diversity of funding sources and tenor, and the net proceeds of the offer (excluding the value of any RYM010 Bonds exchanged under the Exchange Mechanism described below) will be used to repay a portion of Ryman’s existing bank debt, refinancing of RYM010 and for general corporate purposes." RMY010 is due to mature early December 2026 and is also for $150 mln and currently yields 4.78%. 190 bps over a current six year swap is about 5.80%.(3.92%+1.90%).

HOLDING ON TO FUNDING
Meanwhile, Synlat Milk (SML) said it is on track to shore up its financing mainly by getting key shareholder Bright Foods to roll over its existing $130 mln support loan. This is needed to lock in refinancing of its senior syndicated bank facilities.

AUSSIE ON HOLIDAY
We should note that it is a public holiday in much of Australia today - except Queensland and Western Australia. Financial markets are closed there.

JAPAN SHINES A LITTLE BRIGHTER
Some top-line data out in Japan today for the March quarter points to their improving metrics. GDP came in with a +1.8% growth rate and better than expected (+1.3%). And bank lending data shot up in May, up +5.7% and easily exceeding the expansion of +5.4% in April from a year ago.

BUILDING UP TO A VERY BIG SHAKE
There has been a very large earthquake off the coast of Mindanao, Philippines today. A magnitude 8.2 has been recorded, others say 7.8. These are the largest in a series that started on June 2, 2026.

A SMALLER TRICKLE
To cross the Strait of Hormuz, the transit trickle is lower. Only four ships crossed in the past 24 hours. 250 are waiting. 'Normal' is about 60 ships per day. The belligerents are all hotheads and have all taken to exercising their firepower muscles.

SWAP RATES RISE
Wholesale swap rates will probably be higher today, roiled by geopolitical events. 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 2.66% on Friday. Today, the Australian 10 year bond yield is down -1 bp at 4.91%. The China 10 year bond rate is up +1 bp at 1.73%. The Japanese 10 year bond is up +5 bps at 2.71% today. The NZ Government 10 year bond rate is now at 4.63%, up +8 bps from this time Friday. (The RBNZ data is now 'prior day' with the Friday rate down -2 bps at 4.53%.) The UST 10yr yield is up +9 bps at 4.57%.

EQUITIES MOSTLY LOWER
The local equity market is down -0.6% from Friday's levels. The ASX200 is on holiday and isn't trading. Tokyo is has opened down a sharp -3.8%. Hong Kong is down -0.6% and Shanghai is down -0.7% at its open today. (South Korea is down -4.5% at its open and Taiwan is down -3.3%.) Singapore is down -1.3%. After its -2.6% fall last week, the S&P500 futures suggest Wall Street will open tomorrow up a minor +0.3%.

OIL PRICES RISE
American oil prices are up +US$3 from this morning with the WTI benchmark now just over US$93.50/bbl, and the international Brent price is now just over US$96.50/bbl. This latest shift is all about the Middle East mess.

CARBON PRICE FIRMS
There have been very few trades today on the secondary market, and the price has firmed +$1 to $51/NZU. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.

GOLD DIPS
In early Asian trade, gold is down -US$17 from this morning's open at US$4311/oz. Silver is holding at US$67.50/oz.

NZD HOLDS
The Kiwi dollar is little-changed from this morning against the USD, now just on 58 USc. Against the Aussie we are also unchanged at 82.3 AUc. Against the euro we are holding at 50.3 euro cents. This all means the TWI-5 is now just under 61.7 and up +10 bps from this morning.

BITCOIN FIRMS FROM LOWS
The bitcoin price is now at US$63,074 and up +1.3% from this morning. Volatility has been moderate at just on +/- 2.6%.

This soil moisture chart is animated here.

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