Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
No changes today.
TODAY'S DEPOSIT RATE CHANGES
No changes here either.
BRILLIANT NEW RESOURCE
Today we launched a new searchable database, one where you can find auction results and auction sales prices. It has a national coverage. It covers both residential and commercial property transactions.
NOT AS POPULAR
Today's NZGB tender of NZ$150 mln 2033's received bids for NZ$284 mln but this is the worst coverage ratio of this series so far. Investors are keeping their powder dry ahead of the Brexit vote. The yield shows small tick up to 2.93% from 2.88% last time.
MOTOR TRADE FINANCE REJECTS SUITORS
Motor Trade Finance (MTF) has called time on its suitors Heartland Bank and Turners Ltd, saying neither approach had enough merit to be developed and put to its shareholders. Heartland had offered $1.50 per share for 10% to 20% of MTF's shares, and suggested it was potentially interested in acquiring all of MTF. Turners had offered $1.15 per share for up to 20% of MTF.
BETTER NOW
The FMA as regulator of the NZX has reviewed the stock exchange's governance and regulatory performance. It reports it has seen "a steady improvement" in their infrastructure, governance and processes put in place by NZX to perform their regulatory obligations since 2012.
CHINESE BUSINESS SENTIMENT REBOUNDS
The assessment of business conditions among executives at China’s largest companies jumped in June as the tailwinds of looser monetary and fiscal policies in the first two quarters of 2016 boosted sentiment. But the veneer of the rise was tarnished somewhat by underlying components which showed measures of output and demand still remained sluggish.
RENTING COSTS MORE
Hefty rent hikes in Auckland, BoP, Waikato and Otago push the country's median weekly rent up 5% from a year ago. Well, they pushed the 'advertised' rent up by that amount. This is data supplied by Trade Me. We will need to await the official Tenancy Bond Service data for confirmation.
MASS FRAUD MAY LEAD TO MASS DEPORTATION
New information released by the Labour Party today show 15 bank managers in India have been identified by Immigration New Zealand as presenting fraudulent documents on behalf of foreign students studying here. Indian bank managers doctored genuine information which was then used by education agents to prove students had the funds to pay for their New Zealand tuition. This fraud is so widespread, Immigration NZ officials say “there has been no agent we’ve looked at that hasn’t been using it, to some extent or another’. There are more than 1000 education agents operating in India. Hundreds of students here face mass deportation if they can’t prove they have the money they claimed to have on their original study applications.
CHALLENGER BANK REPORTS HIGHER PROFIT
SBS Bank is reporting "a solid result" for the financial year ending 31 March 2016 with an operating profit of $27.7 million, a +6% increase on the $26.1 million reported last year.
SWAP RATES HOLD
Local swap rates are essentially unchanged today, but the one year term is down -1 bp while the 10 year term is up +1 bp. NZ swap rates are here. The 90-day bank bill rate is down -1 bp, now at 2.34%.
NZ DOLLAR FIRMS FURTHER
Our currency keeps creeping marginally higher each day. The moves are not large but the culumation is now showing over the past 7 days and against the greenback we are now at a 13 month high. The NZD is now at 71.7 USc, at 95.4 AUc, and 63.3 euro cents. The TWI-5 is now just over 74.6. Check our real-time charts here.
You can now see an animation of this chart. Click on it, or click here.
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