Here's our summary of key events ovenight that affect New Zealand, with news there has been a sudden change in the yuan exchange rate.
But first in the US, new data out today for consumer confidence has posted a significant drop, the first in three months. The driver down is perceptions of business conditions in the next six months. A small fall was expected by analysts, but this one was more than expected. The overall index slipped from 130 to 127.7 while the Expectations Index declined from 109.2 in February to 106.2 this month.
In China, their central bank has set the yuan exchange rate sharply higher overnight, causing market watchers to scratch their heads over why the sudden shift. It is the largest change in more than 2½ years and makes it the strongest the Chinese currency has been against the US dollar since August 2015.
In Australia, legislators are proposing that their banking accountability rules (BEAR) should be extended to the life insurance industry because consumer protections are "substantially weaker" in life insurance than banking. The life insurance industry is scrambling to avoid the restrictions. This review is labeling some commission arrangements as 'corruption', adding further pressure.
And staying in Australia, their tax agency is cracking down on a rental home rort, especially as it relates to homes in holiday areas. Excess deductions for what is essentially a holiday home are in their sights.
Locally, credit union head body, Co-op Money has had its credit rating downgraded to BB with a negative outlook.
The UST 10yr yield has fallen overnight, back to 2.80%. But the Chinese 10yr is up at 3.77% (up +3 bps) and the New Zealand equivalent is at 2.82% (up +1 bp).
The gold price is down -US$11 in New York today and now at US$1,343/oz.
Oil prices have slipped slightly with the US benchmark now just under US$65.50 and the Brent benchmark just on US$70/bbl.
The Kiwi dollar will start today at 72.8 USc. On the cross rates we are now up at 94.5 AUc and at 58.7 euro cents. That leaves the TWI-5 at 73.8.
Bitcoin is now at US$7,890 and virtually unchanged from this time yesterday.
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