Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
No changes to report today.
TERM DEPOSIT RATE CHANGES
Heartland has cut most of its term deposit rates, trimming them back to a smaller premium over the main institutions.
ON THE MOVE OUT & UP
Rabobank is shifting its head office out of Wellington to Hamilton. The bank says the move will take key Rabobank staff closer to their clients. When they have gone, only two banks, one of them Kiwibank, will have head offices in Wellington (and the Kiwibank CEO is based in Auckland).
BACK AS 'STABLE'
Following an equity injection, ratings agency S&P have affirmed its 'B' long-term and 'B' short-term issuer credit ratings on FE Investments (FEI). At the same time, they removed the ratings from CreditWatch, where they had been put with negative implications in early February 2019. The outlook is now 'stable'.
Aussie life insurer, Colonial Mutual is facing criminal charges in Australia from an action in three months of 2014 when it sold life insurance over the phone to people who didn't request a call. There are apparently 87 instances, all via a telemarketing company that has been deemed to be an agent of the company, Colonial Mutual has been owned by CBA since 2000.
THE CAR SALES RISE WAS BROAD-BASED
Yesterday we reported a good rise in new car sales, boosted by heavy Tesla sales. Today we can report that used imports were up +8% year-on-year in September, reversing s string of 19 straight months where year-on-year results were lower. We are on track to have total annual car sales of 300,000 in 2019, about -3 less than for 2018. That is one 'new' car for every 17 people, believe it or not.
AN UNEASY WATCH
In Australia, the RBA has released its October financial stability review and warned of the growing risk to their growth from the deeper slowdown in the global economy.
SWAP RATES KEEP ON SINKING
Wholesale swap rates are down another -2 bps today across the curve on top of yesterday's -4 bps fall. That means swap rates have fallen -15 bps in a week and -44 bps since just before the shock -50 bps OCR cut. Sadly this cut hasn't exactly inspired investor confidence, rather the opposite has happened. The 90-day bank bill rate is down further too, by -2 bps to 1.05% and a -10 bps fall in one week. Australian swap rates are down -1 bp across their curve. The Aussie Govt 10yr is down another -3 bps to under 0.90%. The China Govt 10yr is unchanged at 3.16%. Keep an eye on this when markets open in Shanghai on Monday. The NZ Govt 10 yr is down another -3 bps at 1.03%. The UST 10yr yield is down another -5 bps at 1.54%.
NZ DOLLAR RISING
The Kiwi dollar is +½c firmer today from this time yesterday, now at 63.2 USc. Against the Aussie we are firm at 93.6 AU cents. Against the euro we are up at 57.6 euro cents. That puts the TWI-5 at just on 68.7.
Bitcoin is lower today, now at US$8,122, a -2.7% fall from this time yesterday. The bitcoin price is charted in the currency set below.
This chart is animated here.