A review of things you need to know before you go home on Monday; SBS Bank and BNZ raise rates, inflation in pockets, fast-rising build costs sees affordable project cancelled, Cycle Trail update; NAB's woes continue

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
SBS Bank has raised its 18 month rate by +10 bps to 4.25%.

TODAY'S DEPOSIT RATE CHANGES
BNZ has raised its 3 month term deposit rate to 3.00%, up +40 bps from 2.60%. (On a $10,000 deposit, that would return you $75 in 90 days; on $100,000 you would earn $750, before tax.) SBS Bank has ended its startling 3.80% nine month rate, but replaced it with a 12 month rate of 3.70%.

'STILL DOZY'
Statistics NZ only reports on inflation quarterly, but ANZ keeps an eye on this key metric monthly. For September, they say prices from their survey lifted +0.2%. Reasonable gains in accommodation services and insurance provided impetus, supported by the health and housing groups. Price lifts in construction and property maintenance costs are still evident, though recent surges have eased somewhat, they report. Transport and telecommunication costs fell modestly in September in this survey.

BUILD COSTS RISE TOO FAST
Rising construction costs and problems getting funding has resulted in cancelation of a multimillion dollar west Auckland apartment project on Avondale land declared a Special Housing Area. Pre-construction selling saw Flo units selling from $375,000 earlier this year.

CYCLE TRAIL UPDATE
More than a million people used the New Zealand Cycle Trail last year, generating around $37 mln in economic benefits for local communities, according to a review out today.

NAB SERVICE FAILURE GROWS
BNZ parent NAB is having even more problems with its online banking services. The bank was hit with outages last week, and apparently they are continuing today.

CHINA PROPERTY STOCKS HIT
China’s share market opened higher on the first trading day after the “Golden Week” holiday, led by the steel and coal sectors, but property stocks tumbled. The Chinese yuan is also falling today against both the USD and NZD. The Hong Kong exchange is closed for Chung Yeung Festival, after rising about 600 points last week.

THE YANKS TAKE A BREAK
It is a public holiday in the US, so their markets will be closed tomorrow. Thin market trading will result in weak market signals worldwide. Volatility is possible. Maybe they just need a break after the flood of sleaze about Donald Trump.

WHOLESALE RATES UNCHANGED
The wholesale rates are unchanged today, despite a small shift lower on Wall Street in the final session last week. The 90-day bank bill is up +1 bp to 2.19%. There are no yield changes to NZGBs either.

NZ DOLLAR HOLDS
There is little change to report on currency markets. The NZD/USD is still at 71.7 USc. On the cross rates, it is trading at 94.3 AUc, and is at 64 euro cents. The TWI-5 is 75.2. The only currency value on the move is the UK pound, which is suffering new lows today. Check our real-time charts here.

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