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Here's our summary of key events over the weekend that affect New Zealand, with news the Kiwi dollar has fallen sharply and is now at a ten year low.
But first, the Chinese delegation to the seemingly endlessly revolving trade talks in Washington has declined an invitation to go to a US farm state. That surprised the Americans.
That saw Wall Street fall in its final Friday session, ending down -0.5%.
And that contrasted with Shanghai which ended Friday with a +0.3% gain.
The Americans are talking tough with the usual Presidential bluster, but quietly they have announced that more than 400 additional Chinese exports had been excluded from their tariff regime. Those growing exclusion lists are now huge. This is the new game in Washington - get your Chinese imports on one of these lists, all very crony-capitalist. Apple is apparently one 'winner' after support from the President.
In China, global banking giant HSBC has launched a public-relations offensive aimed at leaders in Beijing, reflecting worries that its position as the biggest foreign bank in China is at risk. This comes as there are calls in China to place it on its "unreliable" blacklist.
And the Chinese central bank lowered the new reference rate for bank loans by -5 bps to 4.2%, indicating that monetary conditions remain loose.
Meanwhile, China's giant sovereign wealth fund (NZ$1.5 tln) revealed that profits on its international portfolio fell more than -2%, a sharp reversal for this portion which earned more than a +18% gain in 2017. It is opaque about the split between international and domestic investment, but the international portion contributed to the overall fund value actually falling in the year.
In Hong Kong, the weekend protests continue, now with a harder edge and without any sign they are fading. The police are now searching public transport electronic records trying to track down protesters.
Back in the US, new Fed data shows that household net worth grew only marginally in the June quarter, but at least it grew. It was near its slowest growth in the past twelve quarters.
In New York, the Fed pumped yet another US$75 bln into its money markets on Friday, taking the total to US$275 bln in four days. Plus it has added new capacity to deal with the issue. And it seems these measures have calmed their repo market pressures.
In India, they have cut their corporate tax rates in an effort to spur investment and boost growth in the country's faltering economy. The base corporate tax rate is to be lowered to 22% from 30%.
In staying in India, their Federal government is about to open up roading development to PPP investment. The plan is to build nearly 1000 kms of highway, worth about NZ$7 bln.
In Australia, it has been revealed that incoming NAB chief executive Ross McEwan will officially take up his new role at the beginning of December. That may trigger some serious reshuffling at the bank.
The UST 10yr yield is lower today, at 1.72% and down -4 bps from where we left it on Friday. Their 2-10 curve more positive now at +4 bps. Their negative 1-5 curve is wider -24 bps. Their 3m-10yr curve is also at -24 bps. The Aussie Govt 10yr is down sharply to 1.02%, and a weekly fall of -21 bps. The China Govt 10yr is at 3.12% although in a week it has risen +3 bps. The NZ Govt 10 yr is now at 1.18%, a -17 bps drop for the week.
Gold is up +US$18 at US$1517/oz.
US oil prices are little-changed today at now just on US$58/bbl. The Brent benchmark is just over US$64.
Our currency is currently at 62.6 USc and the last time it was this low was in June 2009. This represents a -4.5% devaluation since the surprise -50 bps OCR cut on August 7.
We are lower against most others as well - near a one year low against the Aussie and the euro. On a TWI basis it's a four year low.
On the cross rates we are softer too at 92.5 AUc. Against the euro we are at 56.8 euro cents. That puts the TWI-5 back down to just on 67.9 and a -100 bps fall in a week.
Bitcoin is now at US$9,982 and that is -1.7% lower from where we left it on Saturday. The bitcoin rate is charted in the exchange rate set below.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».