Here's my summary of the key events overnight that affect New Zealand, with news Chinese companies are in an enormous binge of 'overseas investment'.
But first, Vancouver is moving to impose an 'empty homes' tax of up to 2% per year, based on its assessed value. It is in response to a near-zero rental vacancy rate and widespread concerns that outside investors are just banking homes as appreciating assets. But the tax will only be imposed on owners who self-declare that their property is vacant.
And related perhaps, in a roundabout way, Chinese companies are on an overseas investment surge. In August alone they shipped more than NZ$20 bln offshore buying up 'investments'. That is +15% higher than the same period a year ago. In fact, in the eight months to August, the pace is more than +50% higher than the same period last year.
Australia's grocery market is famously anti-import and the fruit & vegetable section the most protectionist. However, things are changing, although not without stiff resistance from local growers who have grown fat-and-lazy in the current situation. To much criticism from suppliers, Woolworths has decided to import avocados from New Zealand for its Queensland stores. No doubt, this is a shot in the arm for Kiwi growers who are already riding a boom in export volumes. So no inhibition from the high Kiwi dollar here.
Aussie consumer sentiment is remarkably stable, despite the noise of volatility at home and around the world (with events like Brexit), and a shambles of a Federal election that sorted out nothing. The Westpac - Melbourne Institute Index of Consumer Sentiment rose +0.3% in September to 101.4, from 101 in August.
In New York the UST 10yr yield is lower again today and now at 1.70%.
The oil price has slipped again in today's trading, with the US benchmark price now just over US$43.50 a barrel, while the Brent benchmark just under US$46 a barrel.
The gold price is marginally higher, now just on US$1,322/oz.
The New Zealand dollar opens a bit higher too, now at 72.9 US¢, 97.5 AU¢ which is getting up there, and 64.8 euro cents. The TWI index is now at 76.3.
If you want to catch up with all the local changes yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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