A review of things you need to know before you go home on Monday; many big rate changes, Paymark pays out big, terms of trade stable, swaps and NZD little-changed, & more

A review of things you need to know before you go home on Monday; many big rate changes, Paymark pays out big, terms of trade stable, swaps and NZD little-changed, & more
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Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
HSBC have launched the lowest fixed home loan rates ever, at 3.35%. BNZ has matched the levels set by its main rivals.

TERM DEPOSIT RATE CHANGES
Westpac and BNZ both cut term deposit rates today. Rate curves are now very flat and are showing signs of inverting. TSB has cut its savings rates by up to -50 bps today taking their Websaver account (as an example) down to 1.4%. Their Premier account rates all fell -30 bps.

PERSONAL LOAN RATE CHANGE
We got the first personal loan interest rate reduction today, from peer-to-peer lender Lending Crowd. It's a rare move.

JUICY DIVIDENDS AS BANKS QUIT PAYMARK
Electronics payments processor Paymark posted an 8% increase in March year net profit after tax to $21.2 mln. Paymark was bought by France's Ingenico in January from ANZ, ASB, BNZ and Westpac for $190 million. During its March financial year Paymark paid $34 million in dividends, up from $19 million the previous year.

TERMS OF TRADE STABLE
In the year to June, the New Zealand terms of trade were unchanged from a year ago, so essentially our exports didn't buy any more imports compared with a year ago. That was despite export volumes rising +3.5% and import volumes falling -3.5% in the year. 

WHY MARKETS ARE QUIET
It is a long holiday weekend in the US and that includes tomorrow - their Labor Day.

REPUTATION SHIFTS
The latest market share data in the Aussie mortgage market shows clear winners and losers. ANZ leaked -0.3% share between March and July. NAB also leaked -0.15% share. The winners were CBA who gained +0.3% share and Westpac who gained +0.15% share. These are quite large movements over just five months, a period where reputations were under the spotlight in Australia. CBA's 'win' showed it gaining +AU$6.7 bln in a market that gained +$8.2 bln in that period. ANZ leaked -AU$2.6 bln in the same period.

SWAP RATES HOLD
Wholesale swap rates are essentially unchanged today. That is the second day in a row, and unusual in recent times. The 90-day bank bill rate is unchanged at 1.19%. Australian swap rates are unchanged too. The Aussie Govt 10yr is up +2 bps at 0.89%. The China Govt 10yr is down -1 bp to 3.07%, while the NZ Govt 10 yr unchanged at this time at 1.10%. The UST 10yr yield is up +7 bps to 1.52%.

NZ DOLLAR STABLE
The Kiwi dollar stable at 63.1 USc. Against the Aussie we are down to 93.7 AU cents. Against the euro we are firmer at 57.4 euro cents. That puts the TWI-5 at 68.6. Markets are thin today.

BITCOIN FIRM
Bitcoin blipped up about six hours ago and now at US$9,776, a rise og +1.7% since this morning. The bitcoin price is charted in the currency set below.

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USD 
NZD
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Source: CoinDesk

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FYI interest.co.nz -- Rate Changes - TSB has cut its savings rates by up to -50 bps today taking their Websaver account (as an example) down to [CORRECTION] 0.9% [Was 1.4%] - FYI

Domestic birth rates falling, immigrant numbers rising?

...introduce a proper policy: baby QE, paying mothers $200,000 cash. Link

Sad link - it truly is the Age of Stupid.

compare this:
https://www.youtube.com/watch?v=e_VpyoAXpA8