Here are the key things you need to know before you leave work today.
IIB RESULTS
The latest inflation adjusted bond tender drew $445 million in bids for $200 million offered and the average rate outcome was 3.01%, the first time this bond type has exceeded 3%. The coupon is 3% and they pay that plus CPI. The last CPI was 1.6% and the March quarter data will be released next Wednesday.
AUCKLAND PRESSED BY MIGRATION
Auckland Council economist Geoff Cooper says "The strength of net migration through 2014 will be an important influence on economic growth" for the City in his quarterly report.
HELPING A LAGGARD
The government today announced a new program of work in the Northland region "to evaluate opportunities to further increase investment, employment and incomes in the region."
INSULATION UPDATE
Two hundred and fifty thousand New Zealand homes have now been insulated under two programs set up to make homes warmer and healthier, according to official data released today.
MANUFACTURING BOOMING
The latest BNZ-BusinessNZ PMI survey reported an amazing improvement in orders and output by the nation's manufacturers - despite the currency.
WINTER BEEF CONTRACTS STRONG
The latest winter beef contracts for the June to October period are offering a 30c to 60c premium over current rising prime heifer and steer schedules. The sky-high currency is not hurting beef farmers either.
TRUCKOMETER STRONG
ANZ's monitoring of heavy and light trucking real-time traffic data, which is a great leading indicator for GDP growth, maintained its high levels and shows the economy is 'cruising' along.
SBS BUYS INTO CANTERBURY INSURANCE BROKER
SBS subsidiary Southsure has bought a 25% stake in fast-growing Canterbury insurance broker Abbott Group.
WHOLESALE RATES
Swap rates are basically unchanged today. The 90 day bank bill rates are also unchanged, holding at 3.20%.
OUR CURRENCY
The NZ dollar has pushed on up through 87 USc to 87.2 USc after some overnight volatility. We are also at 92.9 AUc, and the TWI is at a nose-bleed 80.8.
3 Comments
It think the Tamiflu story is pretty huge, though it has been building for a while for those interested in the area. Turns out letting pharmeceutical companies decide which effectiveness trials to make public may not be the optimal way of deciding how effective a drug is.
And here is Ben Goldacre's commentary on the report
http://www.theguardian.com/business/2014/apr/10/tamiflu-saga-drug-trials-big-pharma
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