Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
BNZ cut its 2 year fixed rate today from 4.39% to 4.29%. But that is still not market-leading as Kiwibank offers a 4.25% rate for that fixed term.
TODAY'S DEPOSIT RATE CHANGES
Kiwibank cut its TD rates today. It cut its 1 month rate is now 1.25% (down from 1.75%). And it cut all rates for terms two years and longer by -10 to -15 bps.
WE ARE STILL SPENDING FREELY
Retail spending using cards rose in March. We spent $5.0 bln in March 2016, up +$287 mln (+6.2%) from March 2015, Statistics New Zealand said today. The largest increases were from the hospitality and consumables industries they ;said. The only decrease came from the fuel industry.
A HOT SUMMER
Auckland is getting its share of visitors. A record number flocked to Auckland this summer with more than 824,000 international arrivals into the region between December 2015 and February 2016 - up +10.7% on the previous summer. Holiday visitor arrivals were up +15.2% to 425,664 from 369,408 compared to the same period last summer. Double-digit growth among Chinese holidaymakers saw 85,616 arrivals into Auckland, up +16.9%. Auckland is also continuing to prove a popular destination for Australian holidaymakers with 87,952 arrivals (up +5.9%).
CHINA FOOD PRICES SURPRISE
Chinese consumer inflation held at +2.3% year-on-year in March, and unchanged from the rate in February. But eyes will be drawn to the +7.6% rise in food prices nested within the overall data, which is an unexpected jump. On the other hand, producer prices fell -4.3% year-on-year - but that is its slowest fall in a long time. Month-on-month China's producer prices rose +0.5%, their fastest climb in over two years.
Standard & Poor's today said it has lowered its financial strength and issuer credit ratings on Manchester Unity Friendly Society to 'B+' from 'BB-'. The outlook is negative.
NZ DOLLAR STILL STUCK
In a sleepy currency market today, the Kiwi dollar rose marginally. It is now at 68.2 USc, at 90.1 AUc and 59.7 euro cents. The TWI-5 is rangebound at 71.1. Check our real-time charts here.
You can now see an animation of this chart. Click on it, or click here.