Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that economists are now expecting the Reserve Bank to delay its next hike in the Official Cash Rate until the end of the first quarter of next year.
This follows weaker economic growth figures for the June quarter out yesterday showing New Zealand's GDP grew just 0.2%, which was well below what economists were forecasting. See more here.
The New Zealand dollar fell and wholesale interest rates (swap rates) fell. See the interactive chart on swap rates below.
But there is one bright spot on the horizon. Fonterra announced a strong profit result and firmed up its payout for the 2009/10 year and its forecast for the current 2010/11 year.
It also detailed lower debt and a higher retention from its payout. See more here.
Meanwhile in Wellington, property developer and Phoenix owner Terry Serepisos faces legal action from Canterbury Mortgage Trust (CMT) over unpaid interest payments on his Century City development, BusinessDay reports.
ASB and South Canterbury Finance are also owed money by Terry Serepisos. Canterbury Mortgage Trust is also chasing Christchurch developer David Henderson for unpaid monies.
CMT froze its NZ$251 million fund in mid 2008 and reported provisions for bad debts of NZ$46.8 million for losses in the year to March 31. See our full Deep Freeze list here.
Overseas, the US Congress will consider overnight a bill to retaliate against China over currency manipulation, upping the ante in an increasingly tense situation over America's big trade deficit with China.
Also overnight, China banned exports of rare earth metals to Japan, trying to pressure Japan to release a boat captain imprisoned in a maritime border dispute.
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