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US Fed a long way from policy targets; US consumer sentiment improves; Musk dethroned; China returns to work quickly; aggressive China-first policies; UST 10yr at 1.36%; oil up and gold down; NZ$1 = 73.3 USc; TWI-5 = 74.3

US Fed a long way from policy targets; US consumer sentiment improves; Musk dethroned; China returns to work quickly; aggressive China-first policies; UST 10yr at 1.36%; oil up and gold down; NZ$1 = 73.3 USc; TWI-5 = 74.3

Here's our summary of key economic events overnight that affect New Zealand, with news China seems not to care what the international community thinks of them.

But first, the Fed boss has been testifying at the US Congress (the House Banking Committee) and has said they are not contemplating any rate rises and they are a long way from reaching either their employment of inflation goals. But he does see 'hope for a return to more normal conditions this year". These remarks have taken some of the steam out of the bond market rate increases.

American retail sales slipped again last week, and compared to the same week a year ago the gain was trimmed back.

However a reduction in consumer sentiment has not shown up in the latest and widely-watched survey, which is actually quite bullish especially for the coming year, coming in better than expected. However, those surveyed were marginally less optimistic about the short-term outlook over the next few weeks.

The latest Fed regional factory survey, this one for the Mid-Atlantic states, shows little change from a healthy expansion.

And an interesting side-note. The Tesla share price has sunk -13.4% in the past two days, and is in fact now below the level it was at when the stock entered the S&P500. The price of bitcoin is slumping too. Elon Musk has lost US$15 bln in two days, and he is no longer "the world's richest man".

New data including indexes tracking electricity consumption, operating rates at factories and traffic congestion indices show that China's industrial production is resuming significantly faster than in previous years after the week-long Spring Festival holiday. That is because people were encouraged to stay where they work during the holiday to help contain the pandemic flare-ups.

China is applying a China-First policy to its southern neighbours, choking off water flow to the Mekong River and the four countries that rely on it. That is reinforcing animosity in the region. China now has eleven upstream dams on the river and is able to have a severe impact on Thailand, Cambodia, Laos and Vietnam.

And in Geneva, the Chinese foreign minister denounced ‘sensational claims’ of genocide, forced labour and religious oppression against Uygurs and other ethnic minorities in his country. As Trump taught, the "big lie" is an effective propaganda technique to deflect and confuse.

This pushback comes after Beijing said it would fix the election process in Hong Kong so that the "right result" always happens. And after more satellite evidence China is building many more military installations on reefs in Philippine waters.

In Europe, inflation rose in January, but just to the expected level. Core inflation is now up to +1.4% pa, a rise from +0.2% in December, so it is quite a move, even if as expected.

In Australia, they are facing a sharp fall away in their exports. Their trade surplus came in at AU$8.8 bln in January. January import of goods fell -10%, while export of goods fell -9%. Exports of meat were down -39% and coal was down -8% and these two drove the decline in January. Exports of iron ore fell too.

Wall Street has opened lower yet again, with the S&P500 down by -0.9% in early afternoon trade. That makes five consecutive sessions that have been lower, a combined -2.3% retreat. Overnight European markets were mixed. Yesterday Tokyo was closed for a public holiday. Hong Kong rose a full +1.0% but Shanghai fell -0.2%. The ASX200 rose +0.9% yesterday but the NZX50 Capital Index ended its session down -0.3%.

The latest global compilation of COVID-19 data is here. The global tally is still rising but at a little-changed pace, now at 111,878,000 and up +322,000 in one day. But it seems to be easing in some notable places in the first world. Global deaths reported now exceed 2,478,000 and +9,000 since yesterday.

More countries (105) have started their vaccination programs. About 212.1 mln doses have been given so far (+3.8 mln in the past day). There is clear evidence the vaccines are working to reduce or even eliminate deaths for those who have taken it.

The largest number of reported cases globally are still in the US, which rose +66,000 over the past day for their tally to reach 28,836,000. The US remains the global epicentre of the virus although there is clearly an easing there. But the number of active cases fell overnight and is now just on 9,199,000 and -85,000 fewer overnight, so more recoveries that new infections again. Their death total is rising at a much slower rate and is up at 513,000 (+2000) in one day. The US now has a COVID death rate of 1544/mln, and that compares to the disastrous UK level (1781) where deaths are also still rising a bit more slowly now their vaccinations are rolling out.

In Australia, their community control remains impressive. Their all-time cases reported is now 28,937 and only +7 more case overnight, but with no new cases in the community and the rest new arrivals, and all in managed isolation. 41 of these cases are 'active' (+1). Reported deaths are unchanged at 909.

The UST 10yr yield is up +1 bp at 1.36% today. Their 2-10 rate curve is unchanged at 124 bps. Their 1-5 curve is however flatter at +51 bps, while their 3m-10 year curve little-changed at +132 bps. The Australian Govt 10 year yield is unchanged at its new much higher level of 1.63%. The China Govt 10 year yield is also unchanged at 3.29%, while the New Zealand Govt 10 year yield has slipped -1 bp to be at 1.64%.

The price of gold will start today down -US$4 at US$1808/oz.

Oil prices are up by about +US$0.50 and are now at just on US$61.50/bbl in the US, while the international price is just under US$64.50/bbl. They have been quite volatile in between, rising another +US$1.50/bbl but then falling back just as sharply.

And the Kiwi dollar opens at 73.3 USc and unchanged from this time yesterday. Against the Australian dollar we are holding at 92.7 AUc. Against the euro we are still up at 60.3 euro cents. That means our TWI-5 is still at 74.3.

The bitcoin price is now at US$47,418 and -11.4% lower than this time yesterday and on top of the -7.2% drop the day before. It is now well off the record it set two days ago of US$58,332, in fact down a sudden -19%. Volatility has been extreme in the past 24 hours at +/- 11.2%. 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 ».

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118 Comments

27
up

Auckland is only 4th on the list of cities with the most unaffordable housing in the world. C’mon Kiwi borrowers and speculators, surely we can claim that coveted # 1 spot! Usual suspects Hong Kong and Vancouver are a couple of the cities ahead of us in the rankings at present.

15
up

I reckon we can beat out Hong Kong to number 1 under another 2.5 years of labour and beetroots powers combined

Well, Hong Kong is 22 x median multiple, Auckland 10x, but the way we are going....... you could well be right.

17
up

Agreed - we are so much better than San Francisco, London, Sydney, etc. Perhaps Labour's new mantra should be "we can do this". (sarc).

I think Auckland is a way better place to live than those three cities.

17
up

You are kidding. I lived in all 3 and they have great public transport, have a real buzz.

Yeah all three are great cities, although the homelessness in San Fran is terrible.

30
up

Auckland isn't in the same league as any of the cities in that list. Auckland isn't even in the same league as Sydney and Melbourne.

It's not even a proper city, just an ugly mass of congested roads and suburbia.

Don't agree with that Gingerninja!
Many of Auckland's suburbs are beautiful, the beaches and maritime setting is amazing. The maunga landscape is unique and beautiful. It has a very good climate, and a good cultural and dining scene.
The central city is getting better.
The city has great access to some of NZ's best spots - Taupo, Coromandel, Bsy of Islands.
I agree in terms of urbanity it's not close to some of those much bigger cities, but it's got lots of lovely attributes.

15
up

What you are describing sounds like a non-city holiday destination. Which is not at all to be sniffed at but not really what we associate with a major city.

And i have to disagree on the culture and dining scene as compared to any of the other cities on this list. Auckland can't compare, it's not in the same league. Neither is Wellington. Obviously I love NZ, but i'm in a different phase of life now. As a younger professional there would be no comparison in terms of career and cultural opportunities. That isn't to say that NZ cities are bad or unpleasant, but this is about affordability of property, which has to be weighed up against career opportunities and salaries. Not to mention time spent commuting. A lot of Aucklanders lose a lot of hours in their day because they have to drive long distances to work on congested roads. It doesn't make for a vibrant city.

I said the dining and culture scene was 'good' in Auckland. And it is. The Asian food scene in particular is amazing.
Of course it's not as good as those major cities.
The culture scene is good. We have a very good art gallery and museum, there's some excellent small galleries, there's a good music scene and of course we have regular concerts from the NZSO and Auckland Philharmonic.

Hence why I am saying that Auckland is not in the same league. Judged on its own merits, living in NZ cities have great qualities, but compared to the other cities on the list, they are not in the same league.

Depends how you are judging. If it's on urbanity, sure out of that league. If it's on general urban livability, I would say Auckland ranks quite highly. And indeed it regularly comes out highly in livability rankings.

Ah yes, the lovely art gallery. Just don't drive there or your car will get nicked. That tiny area (Kitchener st, Princes St, Bowen St) has the highest rate of car theft in the country, twice as many cars are stolen there as the next highest place. Oh and don't mind the homeless people being beaten or stabbed to death in Albert Park right behind it as you sip your latte and enjoy the fine artworks.

I walk through there a lot to go to uni. I have never seen anything dodgy, nor ever felt unsafe.

Thankfully the Police publish data about the locations and times of crimes, so we don't have to rely on your feelings.

https://www.police.govt.nz/about-us/publications-statistics/data-and-sta...

Absolutely Positively Unaffordable Auckland! We're Number One (or soon will be on the current trajectory)! It's a fabulous city for all the reasons you've listed so deserves to be the most unaffordable in the world!

11
up

Is this a joke? Beaches are amazing, but if it's just rained you're likely to be swimming in sewage. The central city is awful and certainly getting worse, the amount of homeless and drug addicts there is astounding, not to mention the violence at night. The city rail link work has killed many businesses and makes getting around anywhere painful.

Have you ever walked Queen Street and looked up? I did that recently and was reminded how many lovely old buildings there are in lower Queen Street in particular. High Street and Lorne Street are nice urban precincts, and I think Britomart and Commercial Bsy is quite cool. Once all the works are finished in April the waterfront precinct will be much nicer too and Wynyard Quarter is cool.
Anyway, just my opinion.

I agree on the water quality issue, that's a disgrace. We don't find it such an issue as we prefer to get out of the city for our beach time, either Omaha or Pakari.

Fantastic! What other city can boast lovely old buildings? Auckland is being robbed of the number one spot! Unfair!

Would you rather live in Melb or Sydney over Auckland though GN?

Sydney is huge and horrible sprawling shambles, Melbourne much the same.

Auckland has beaches, two coasts, two ranges of hills an amazing harbour with some of the best boating in the world.

Yes it does have it's downsides, and yes it's not a proper city but I'll take it any day over Syd/Melb/London as a place to live and bring up kids.

Yes, we definitely deserve to be the most unaffordable city in the world. One more big push for victory I reckon!

muzled, it depends what you want i guess, i'm not really thinking of world class cities in terms of being places to raise kids. In my 20's, I would rather have worked somewhere that I earned a high salary (especially on a ratio to house price) and get world class work experience and training, gone to 3-4 different amazing concerts, plays, galleries, comedy shows etc a week, and be able to whizz about the city without needing a car than spend my time at the beach. I would still get to visit beaches, but I would fly to them at the weekend or take holidays (and it was cheap to do so). The beaches were no less beautiful. The other world cities on this list just offer so much more in terms of income and life experience. If I wanted to go to a beach (as a Wellingtonian) there is no way I would visit an Auckland beach over NZ's other many more beautiful beaches. But even then, I could get to a Greek or Turkish beach just as quickly from any European city etc as I could getting to most beaches in NZ from Wellington, but going to Greece of Turkey, I would also be getting so much more in terms of cultural experience.
Living in another world city, I would be earning a MUCH higher salary than I would get in Auckland (or any NZ city), getting amazing career experience/boost with world class professionals in the field. Auckland does not have world class career opportunities, its okay, it's not bad, but it's not in the same league as the other cities on the list. It's not on the cutting edge of anything. Not to say that this makes it an undesirable place to live or that you wouldn't be perfectly happy with an absolutely gigantic mortgage for the sake of your mediocre salary but the opportunity to go to beaches. If that is what you want, great. Everyone I know that has done well financially and not up to their eyeballs in debt lived in London or some other major city for 10 years in their 20s, had an absolute blast, earned excellent money and then returned to NZ (or at least moved out of the city) to set up their own business or walking into a much better job than if they had just stayed in NZ the previous 10 years. And I will definitely be encouraging my kids to leave NZ and live in a world class city for the career and life experience! No way would i suggest that Auckland would be the place to go for that experience. I really depends on why you want to live in a city.

Sounds like we've taken similar paths GN although I didn't earn excellent money in London, but I had got myself onto the property ladder before I went and that has allowed me to avoid the carnage or shitty house prices in Akl.

My point is in a lot of those cities you're talking about you get one thing (culture mainly) but not the other - the outdoors. And for me personally I'll trade having outdoor activities on my doorstep for going to a show/concert 3 times a week and swanning on a beach in Ios but that's just me.

Having grown up in Coromandel the beaches are obviously nicer, but the employment opportunities somewhat limited unless you start your own business, I've no desire to live there, it'd bore me to tears.

Living in what I think is actually a great city to live in and being able to wander down the beach for a swim/surf/paddleboard/sail/fish after work is pretty nice. But then I'm one of the ones lucky enough to pop out into the planet at a time where property was still affordable so I get to live in a nice suburb where I walk a few mins for that swim, most aren't so fortunate which is a great shame.

And as nice as jetting off to an exotic locale sounds, it's a short lived way of life, althogh great fun while it lasted.

I'll also be encouraging my kids to live overseas, it was one of the best things I've ever done. I couldn't imagine living anywhere else now though.

No those cities don't have the outdoors, that's true, but they're never very far away from those things because global cities always have excellent transport links. But this is still my point. When you think about a global city, you don't think about the outdoors, you think career/education/training opportunities and the culture stuff. You don't move to a city for the nature and sailing ;-) you move out of a city for those things...although many global cities have stunning parks, they're a different beauty to rugged beaches. All the other cities on the list have the same opportunities in common, except Auckland. But the way you describe Auckland sounds more like a riviera somewhere. Again, often very expensive, desirable places to live, but full of the very rich and usually older people. Not a thriving mass of art, culture, entrepreneurship and productive dynamism.

Beaches, sailing and fishing are all lovely ways to pass the time, but they are not propelling competition and productivity. And you can live places with sailing, fishing and gorgeous beaches without the huge mortgage that Auckland necessitates.

But in Auckland you have the sailing, fishing and beaches with a decent degree of urbanity and by NZ standards a deep job market.

"By NZ standards", so terrible by any world standards?

sometimes you gotta make the most of what you got...

Just be nice if it wasn't overpriced housing, poor wages and ridiculous traffic

Don't get me wrong, I don't think it's a riviera, but given the other choices you have in inzid like say, Hamilton (the river runs through it, so should you), Wellington (sorry but the only reason I go there is to get the ferry to the south Island), or Christchurch then it's a pretty good option imo.

But my point is that there is a big difference between having something on your backdoorstep and having it 'not far away', ie - mountain biking in Rotorua from Auckland, a mere few hours in the car and you're there, but it's still a small mission to get there and you're not doing it after work. Or like you're thinking, living in London and jetting off to Greece, the alps, Paris, awesome things to do and amazing when you do do it for that particular w/e, but they're one off w/e's.

I hear what you're saying about a global city and I certainly think Auckland (nz in general) much closer to tin pot town than global city.

And there are plenty of people who want that lifestyle who are prepared to set up shop in a town that offers that lifestyle.

On your last line, yes you can live those places, but quite likely your income will match the size of mortgage so it'll work out somewhat relevant in the long run.

If I could do my younger years all over again, I would've liked to have tried out Adelaide or Hobart. I still might yet.

The homeless in this country you could say is terrible also.

Give the housing portfolio to the PM after all she just found a home for a soft bunny.

Agreed, but I was in ChCh last week and could't believe the number of people begging on the street.

So where are you living now? I could easily live in Sydney or London but I choose not to because Auckland is way better.
I don't use public transport.

Exactly, it depends on what you want. Generally cities don't attract retired people. They attract working age people who want career opportunities and lifestyle options. Theater, concerts, events, restaurants, galleries, public transport. That's what most people associate with a desirable, vibrant city. Why on earth would you live in a city if you weren't looking for those things?

12
up

Spare a thought for those of us in Wellington. Not even in contention to be a world contender yet still wildly unaffordable.

I stayed in Wellington Central for three days last week and was quite glad to get out of there. Seemed a bit run down.

12
up

Very run down. The Manners Street / Cuba Street area is just awful. And that climate!
(I am a 4th generation Wellingtonian and have a soft spot for it, but it really needs some tender loving care!)

To be fair it doesn't help that the lovely classic town hall has been out of action for years, and the very good central library out of action.

I miss the library, huge loss

It's definitely on the down. It's tipped from stagnation to decline over the past couple of years in my opinion. It's clinging onto "the coolest little capital" title (from 10 years ago) for dear life. Sure it can be cracking on a lovely day, but for the other 11 months of the year the climate is awful.

It's really stagnated over the last 10 years for sure. It's got to the point that I find Jackson Street in Petone near where my dad lives, to be a more urbane experience than central Wellington...
I wish they would stop coming up with those cheesy marketing slogans :)

Yeah, many areas of the city are in need of redevelopment. That said, given the state of water/wastewater and transport infrastructure, it doesn't look like they'll get investment any time soon.

Very grungy. Mt Vics old boarding houses that nimbys hold dear are barely inhabitable. Some of Newtown's worst eyesores are coming down but still long way to go. Stepping over 'puddles' on the pavement every few metres..not nice

There's good grunge and bad grunge. In the 80s and 90s Cuba Street had grunge, but it was good as well as bad grunge. Multiple record stores, a burgeoning cafe scene, some good op shops/ second hand furniture, and an edgy vibe (good and bad). Now it seems mostly grotty pubs

True! Defo bad grunge now

I was in Wellington the week before last for 3 days and we actually really liked it. We liked it that so many places were busy from early morning until late in the evening and even at around 3:00 / 4:00 PM many cafes had a lot of customers. We liked seeing many restaurants full in the evening - and we were there during weekday so not busy evenings. I've always said I'd live in Wellington if not for the weather and the really lousy, old, cold and wildly over-priced housing stock.

In other words, "if not for the climate and the built environment". Not much left. The Wairarapa is much better #citiesareoverrated

Is there any urban area"affordable" in NZ?

No, but then most other cities worldwide aren't either.

Most other cities with under 2 million residents offer better living conditions and job opportunities than Auckland or Wellington.

We face big city issues without any of the economic or job benefits of agglomeration.

Auckland has a Walter Mitty complex, but so does NZ ie 'The Switzerland of the South Pacific.'

I agree. We're a lazy and arrogant people who hold everyone but ourselves to a very high standard. I am surprised that our country functions efficiently given how laidback we are.

Now don't get downhearted, remember Welly is the cruelest little capital of the nimby-powered, and the likes of Lowe and co. - the sort of rude ambition that'd make a cage-apartment owner blush

Mayor Goff is selling off parks and reserves to paper over his 'fiscal hole'.

You should not compare Auckland with a big city. You could compare it with a suburban area of London (say Croydon and its neighbouring areas).

14
up

Don't worry, Labour will likely raise the FHB caps in another two weeks therefore forcing up prices at the lower end of the property market. Then Grant and Jacinda can pat themselves on the back and revel in the increased poverty they've caused, largely affecting the young of course. Job well done Labour! At this point the party may as well form a coalition with all of the neoliberal w******* in the National party.

12
up

Is JA 'helping FHB's onto the ladder' or is she leading them to the abbatoir?

10
up

Yes, we don't care how we get there, we just want to be number 1.

All Blacks, Americas Cup, Asthma rates, Unaffordable housing. Proud to be a Kiwi.

10
up

Don't forget child poverty, up there near the top of the worst list!!!

Hooray, another one to add to the list. Even if we don't get to number 1 in all of them, it still must make us the best all-rounder.

In the words of its proud and worldly-wise inhabitants, Auckland has beachs, parks, restaurants, great coffee. This sets it apart from every other city on the global stage, and means that whatever price people are paying to live there, it is probably a bargain.

That was just the kind of belly laugh I needed, thanks!

What people need to do is separate out nonvalue from value-added costs. Up until the early 1990s, Auckland had all that at 3x median multiple, now it's nearly 10x. Most of the price above 3x multiple are non-valued added due to the monopoly advantage due to land and development policy restrictions.

If price alone was the determinate of a great place to live, then Hong Kong at 22x median multiple is the place to be.

As Trump taught, the "big lie" is an effective propaganda technique to deflect and confuse
Hmmmm... Bernays and Propaganda – Democracy Control

From their experiences in the formulation, manipulation and control of public perception and opinion with the CPI, both Lippman and Bernays later wrote of their open contempt for a “malleable and hopelessly ill-informed public” in America. (1) Lippmann had already written that the people in a democracy were simply “a bewildered herd” of “ignorant and meddlesome outsiders” (2) who should be maintained only as “interested spectators”, to be controlled by the elite “secret government”. They concluded that in a multi-party electoral system (a democracy), public opinion had to be “created by an organized intelligence” and “engineered by an invisible government”, with the people relegated to the status of uninformed observers, a situation that has existed without interruption in the US for the past 95 years. Bernays believed that only a few possessed the necessary insight into the Big Picture to be entrusted with this sacred task, and considered himself as one member of this select few.

From which conspiracy theories are born......

And the anti-Government groups have a well founded base!

17
up

Boycott China now. Economic sanctions and boycott the winter Olympics.

11
up

Biden needs to grow a pair and lead the way

He's made some promising sounds.

Biden is just a finger puppet to China and big tech.

The 'big lie' was a propaganda technique first described by Hitler in his famous book. He basically described it and accused his enemies of doing it. Often those that are claiming someone else is doing the big lie thing are actually doing it themselves.

In this day and age accusing people of telling big lies is a bit rubbish, intellectually, but it still seems to work on the 'bewildered herd'. I expect better, really, from interest.co. In this case it looks to me more likely the big lie coming from the West, past masters of the technique. It is their modus operandi after all and the West is losing badly against China so they certainly have a motive.

You have some interesting views. Didn't you used to be a bit 'alt-right', very pro-west?
You almost seem the opposite of that now, somehow quite sympathetic to China.

Zac, these days we call it "Spin". It's just not PC to call one a "liar", but it's OK to say they are a "spin doctor". It is every where, politics, Government, media, religion, justice (or what passes for it).

In the words of Winston Churchill (who was not allowed to call someone a liar in the House) : "terminological inexactitude"

" Elon Musk has lost US$15 bln in two days"
Has he?
Or did the illusory wealth he'd made over the previous few days evaporate into the fumes of a spreadsheet revaluation?
That's what happens with paper 'wealth', born of non-productive 'stimulation' - it comes, and it goes.....
Nobody makes or loses anything, until the underlying asset has been liquidated. (And the risk of human nature tells us to 'Hang on! It'll get back to there it was, then I'll sell", or worse:
"I need some liquidity, so rather than sell I'll borrow against the current revaluation of the assets and sell when they go back up again". Ask Nick Leeson how that works out!)

House prices up 20% in a rush. Nothing wrong with them going down 20% - probably slowly.

Well hanging on is nearly always the best thing to do, like 99 times out of a hundred. Cash in the bank is the worst investment choice historically.

What are we continually told?

"Buy low, Sell high!" Easy, isn't it?

And what's low at the moment? Shares, property, gold, Bitcoin? Nope - Cash.

Are you brave enough to liquidate everything you own and convert it into 'worthless" cash?
As I said, this market trading stuff is "Easy, isn't it"

Selling your assets is like killing the goose that lays the golden eggs. Assets are wealth. Many earn an income too. You're giving really bad advice.

So the answer to my question is "No", then? You aren't brave enough to look to 'buy low'.
Fair enough. You are like the vast majority who believe "It's worked so far, so why wouldn't it in the future?". It's an easier option by far.
But one day, you may need to sell one of your Golden Eggs and do you know what it's true value will be?
Whatever someone else wants to pay for it on that day, not what you could sell it for today.

...and do you know what it's true value will be?

Most likely more than it is worth today.

I am buying low, taking out a mortgage at 2.4% is buying cash basically for free, esp once you take inflation into account.

double up

real value of Tesla shares are less than $100

The current price reflect only specualtion, in the form of selling to a bigger fool to take a profit, same as Bitcoin and all the other cryptos

At least the Tesla share are having a somewhat orderly decline, could easily crash all at once.

You must remember 18 months ago they were $50 shares - easy come, easy go...

Well said, bw, very well said.

But some are dependent on that paper pretending to be real, indeed they'd be questioned if it were ever found out that they could have told the truth, but didn't. Some? Make that 'many'.

New Zealand market cap of housing takes back its crown from the value of Bitcoin as even Westpacs share price gathers pace towards its year high.
As a follow up, platforms continue to not enable buy orders of crypto.

Stock to flow for BTC is still tracking as per previous cycles - https://digitalik.net/btc/. Coins on exchanges still moving into cold storage driving an increasing supply issue.

☐ 100k by May

Ugh, reported instead of replied. Looks like a big chunk of the current (today's alt losses) are due to stop losses, which are being hit because someone yesterday decided to liquidate their shorts by listing a totally implausible price for some units. Good day to have other stuff to do.

What platforms are you trying to use?? I have never had any problems purchasing what ever crypto I want when ever I want to? In fact I have been buying the fn dip pretty hard.
https://easycrypto.ai/?ref=2573 Easy crypto lets you buy and send straight to your own wallet

Another vote for easy. Only ever had one snaffu and that was at the peak of bloodletting yesterday morning - suspect they had a bit going on.

Which cryptos are best to purchase through easycrypto if you want to minimise network fees?

Galloleous, we trade within multiple sectors, from commodities to currencies to bonds, often and usually holding the underlying asset as well as trading its price. In terms of bitcoin we do not purchase bitcoin or any other crypto to add to the 'wallet." In essence we were only trading the price, buying/selling contracts which is enabled by multiple platforms . However the issue for these platforms is that need to also 'protect' themselves their hedging requirements and fulfil legal requirements , particularly in the crypto market which is prone to volatility so they themselves do not get caught actively having to cover positions . Of course these platforms know exactly where all the client positions are and act accordingly.

Sounds interesting :)

Have you looked at doing contango/ cash and carry trade with Bitcoin? Buy the asset then short the futures. currently sitting at an easy 20% pa return for literally zero risk.
But you have do have to hold the underlying Bitcoin which might not work for you.

https://www.youtube.com/watch?v=jtTJn7BdB5w

https://easycrypto.ai/?ref=2573 Easy crypto lets you buy and send straight to your own wallet

Not really what I consider an 'exchange.' I would not be happy to have to rely on Easy Crypto for buying and selling.

I havnt really used the NZ exchanges other than Cryptopia before that went bust.
There are a few still including Dasset, Kiwi-coin, Mine-digital and Independent reserve. But the thing with these is they sometimes charge a pretty decent fee to deposit NZD to the exchange. If you are using large enough amounts then it would be worth it.

I use Binance to do any trading between assets, and can then just sell USD for NZD privately

Nice how you slipped an affiliate referral link in there...

Gotta try mate :P

"China, the neighbour from hell" says it all.
We need a tall fence. (errrh. That's a bit Donnish) But the moat is great.

Just prolonging a proud trend; Rome, Britain, the US, Japan, the difference is that it is now too late to establish a resource-acquiring Empire at prior-Empire scale.

Lucky Ron Mark bought us some submarine killers

Lucky Ron Mark bought us some submarine killers

But we still need to sell them premium milk products.

China will always gamble with looser, the way of 'Magic Weapons' work? is when the destination country allowed to buy a land, then citizen able to move, then slowly from economic to political influence? it will spread, longer period but always doing business within the same societal spectrum the highway of funding back & forth direct to central CCP must be clear. Waiting game over the longer period, it's not an issue. Every properties that being bought for x amount, must be sold to the next x+1 another incoming buyer from same spectrum. Hence, you can observe that the 'magic weapons' hardly can be seen in the countries such as India or Israel that banned by their legislature measures to procure/buy land overseas (opposite example of say poor to rich countries, but equally a tough/hard crowd to gamble with) - NZ? sweet as... a bunch of intellectually challenged voters, governance etc.

The definition of 'sensational' includes: startling, astonishing, staggering, shocking, appalling, horrifying and
scandalous.
"" the Chinese foreign minister denounced ‘sensational claims’ of genocide, forced labour and religious oppression against Uygurs "". Sensational is valid. Until neutral independant media can operate in Xinjiang assume it is 'sensational truth about cultural genocide and forced labour'.

Where are you going to find "neutral independant media"?

Good point - I suppose a range of media from left, right and middle but employing journalists with some proficiency in the languages. One lesson I've learned in my life is that where things are secret/hidden they are worse than imagined. [Incidentally the only counter example I an think of is after the Iraq war no poison gas or biological weapons were found].

Never mind other countries, how is our vaccination program going?

13
up

You guys are soft. China has slave labor, prison camps, toxic atmosphere and organ harvesting. Who do you think we are dealing with cmon man they aint our friends

The government has three choices:
1. a hard moral line where we publically condemn China, Saudi Arabia, etc and refuse to buy their clothing, electronics and petrol
2. ignore other countries morality unless it impinges on our sovereignty or on our citizens
3. be hypocritical.

I suggest a 4th option Lapun. Tiptoe away, very quietly, try not to have the bully notice.

It does make you wonder if it's the equivalent of trading with Germany in the 1930s....?

Why do you believe all the atrocity stories in their entirety?

China is a big country with a lot of people. There will be a number of bad things happening that can be exploited and exaggerated as there are in all countries including NZ (war crimes, inequality, indigenous incarceration rates). The enemies of China will seek out every rumour and bad story, embellish it and broadcast it. Some people will fight for freedom using guns and bombs but often start with lies which are very cheap and often more effective. Great powers will foster rebellion, supply weapons and equipment, set up groups in exile. Focus on the weak points, Hong Kong and western China. They will stir up division, incite unrest and generally be very naughty. Just another round of the Great Game moving further East.

Yes the majority of Chinese people have been lifted out of a grinding poverty quite recently and China now has much to be very proud of (for example they are now at the forefront in science and engineering rather than being copiers) but the current treatment of the Uighurs is not foregiveable. There are complaints made by enemies of China and by those who are simply jealous but there is also evidence from the mouths of the Chinese govt. It is not just satelite photos but also China's own stats for employment of security officials and security products (barbwire etc), contracts for building new police sations, purchases of survelience equipment. Many of the stories are from academics who have had decades of quiet study of Uighur culture, who have previously published rather boring anthropological studies of Uighur culture, music and religios practises but now their sources have disappearred.
So I don't believe all the stories but I do believe some. I can compare with the worst of NZ war crimes but I am comparing China now with NZ in the past. I'm comparing a NZ govt that is always giving at least lip servce to reducing inequality and indigenous incarceration rates with a Chinese govt that is proud of its incarceration of Uighurs (re-education camps that have employed no new teachers only ever more security staff) and its ‘Becoming Relatives’ programme, involving CCP cadre homestays in Uyghur homes.
In the future China will be highly embaassed by this piece of its history. Compare this with the worst of UK imperialism - the Opium Wars - when they occured they were hotly debated in parliament and the press in London.

Do you think NZ care much about Asians ethnicities? dream on, for 150year of NZ history this particular third largest ethnicity by recent census are all subject for enslavement. Dont' just read about Indian students exploited by Liquor stores, read this too:
https://www.stuff.co.nz/business/industries/124279195/its-all-fake-chine...
How Chinese, exploit one another. NZ care? mate, you better off head to OZ, the IQ there is in par to coop with Asians business dealings, the recent fall out is not to be worry about. It's normal business cycle. NZ is a clear dumping ground of OZ unwanted or PR place to look after of more into second largest or fourth largest ethnicity (Maori & Pasifica). Asians can do well to just exploit the peak dumbness of NZ IQ level, whilst there's still opening? go get those lands, properties, housed the best you can. And be a collective landlords. NZ not a place for meaningful life.

I didn't say I believe them all. I just said it makes you wonder

I wait with baited breath for RBNZ MPS today. I wonder if Orr will still cynically view journalists focus on house-prices as "clickbait" - naughty naughty journalists for asking questions about house prices https://www.youtube.com/watch?v=afbab_nCa20