Here are the key things you need to know before you leave work today.
BUDGET 2015
It's all about the Budget today. We will have our comprehensive tables updated soon, but first here is a link to Bernard Hickey's summary.
MANUFACTURING DIP
Despite the dip, Business NZ says New Zealand’s manufacturing sector remains in solid expansion, with a seasonally adjusted PMI for April at 55.2
COWELL MOVES UP
Chris Cowell, the ex-UDC exec who started as Heartland Bank's 'head of South Island' has now moved up as their new Head of Business Banking.
MORE GOVT BONDS TO BE ISSUED
The Treasury's debt management office today announced that their domestic bond issue program will be expanded following the latest budget. It rises by $3 billion over the next four years with $8 billion to be issues next year, up from the $7 billion announced earlier.
LOG PRICES FALL SHARPLY
While the domestic log market is buoyant, the Chinese are playing games with our export log prices. They are down 13% in May.
WHOLESALE RATES DOWN TODAY
Swap rates were all down today by 2, 3 and 4 bps increasing for the longer terms. This follows the sharp reductions in New York early this morning. The 90 day bank bill rate was also down 2 bps at 3.39%.
OUR CURRENCY
The NZ dollar has been basically unchanged during the day with no Budget reaction. The NZD is still at 86.6 USc, 92.4 AUc and the TWI is at 80.5.
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