Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
None to report today.
TERM DEPOSIT RATE CHANGES
Kiwibank and SBS Bank both trimmed term deposit rates today. Credit Union Auckland did so as well..
SERVICE SECTOR CONTRACTING
The service sector is contracting again. The decline was most evident for Activity/Sales (43.8) and New Orders/Business (47.1). Overall, Wellington and Canterbury had minor expansions. But it was Otago that was hurt the most, slammed very hard by the Auckland lockdown's impact on internal tourism.
MOTHBALLED BIG BIRDS
Air New Zealand is grounding its Boeing 777 fleet. Only three will be parked up in Auckland, allowing a faster return to service. But twelve are to be stored in desert parks in California and New Mexico.
AUCKLAND COUNCIL EYES 30-YEAR GREEN BOND
Auckland Council plans to provide details of a 30-year green bond on Tuesday. The offer will be of secured, unsubordinated, fixed rate green bonds to both retail and institutional investors. The bonds will be quoted on the NZX Debt Market, with ANZ, BNZ and Westpac lead managers. The size of the offer is yet to be specified.
MORE KAURI BOND ISSUANCE
The World Bank has today launched a new 7 year Kauri bond transaction. Books are now open on the minimum NZ$150 mln deal. The transaction is being marketed at +36 bps over mid-swaps. (Kauri bonds are NZD debt security issued in New Zealand by an offshore issuer.) This will add to the $23.6 bln of Kauri bonds currently on issue.
In Asian markets, the gold price has risen +US$9/oz and is now at US$1949 in Asian trading. Silver is up a little less proportionately. (H/T RP for typo.)
The NZX50 Capital Index has opened up a modes +0.2% today while the ASX200 is up +0.6% in early afternoon trade. Shanghai has opened up +0.7%, Hong Kong up +0.8% and Tokyo is up +0.7%, all in very early trade. The S&P500 futures trade suggests Wall Street will open a stronger +1.2% tomorrow.
SWAP RATES STAY VERY LOW
We don’t have the final data for today yet and if it is significant we will update it here. The 90 day bank bill rate is unchanged at 0.30%. The Australian Govt ten year benchmark rate is up +4 bps 0.95%. The China Govt ten year bond is up +8 bps at 3.19%, up +1 bp. The New Zealand Govt ten year is now at 0.60% and also unchanged. The US Govt ten year is little changed at 0.67%.
The Kiwi dollar has started the week stronger and now at 66.9 USc as the USD softens. Against the Aussie we are also firmer at 91.9 AUc. Against the euro we are flat at 56.5 euro cents. That means our TWI-5 is now at 69.6 making back all of last week's dip in one day.
Bitcoin has had a quiet opening today, now at US$10,351.
This soil moisture chart is animated here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».