A review of things you need to know before you go home on Friday; no rate changes, equity markets stabilise, Aussie growth record continues, velvet prices stay up, milk volumes rising, dryness encroaching, swaps and NZD stable

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

MORTGAGE RATE CHANGES
No changes to report today. But we know there will be one change at least coming on Monday.

TERM DEPOSIT RATE CHANGES
No changes here either.

MARKETS ON HOLD
After yesterday's avoidance of yet another fall, the Shanghai equity markets are level-pegging again today. This comes after Wall Street recovered its prior day losses overnight. Both markets are down in 2018, Shanghai sharply so. Today the ASX and NZX are also level-pegging.

RECORD LONG TERM GROWTH
In Australia, they released their national accounts for the year to June 2018, revealing an economy that had GDP of AU$1.8 tln, up +2.8% in real terms. Australia has now recorded its 27th consecutive year of economic growth and is performing above the 10 year average growth of 2.6%.

DEER FARMERS DOING WELL
Apart from a brief downward dip in prices two years ago (driven by uncertainty about regulatory changes in China), NZ velvet production and prices have increased for eight years. And while the industry knows it can't last for ever, based on what they say are all the current known factors, deer farmers can expect another good year in 2018/19, according to their trade association.

VOLUMES UP, PRICES DOWN
Prices might be a bit wobbly (The USDA's market review brought a -2.6% fall today), but dairy production is rising strongly, according to the latest DCANZ data. September production was +6.0% higher than the same month a year ago. October is the month where the industry hits its peak for the year. These gains are driving upward revisions in analysts forecasts for production - and will be weighing on future price expectations. The latest derivatives market for WMP suggests that prices will fall -1.7% at the next auction.

WATCH THE WEATHER
It is also time to point out the growing spread of dryness in the soil moisture charts below - because it is starting earlier this year than last, and earlier than normal. Dry rural conditions could have a major impact on the overall economy, just as lower-than-normal lake levels will have on electricity prices. The chart below is animated and you can set the start date back to as early as 2013.

SWAP RATES ON HOLD
Swap rates are unchanged today after an interim small rise which has now been reversed. The UST 10yr yield is also rose overnight but has slipped back in later trade to be at at 3.11%. The UST 2-10 curve is holding at +27 bps. Benchmark bond rates are holding as well. The Aussie Govt 10yr is at 2.61% (down -1 bp), the China Govt 10yr is at 3.56% (unchanged), while the NZ Govt 10 yr is at 2.59%, also unchanged after yesterday large drop. The 90 day bank bill rate is down -1 bp at 1.89%.

BITCOIN STUCK
The bitcoin price is now at US$6,427, and still basically the same as this time yesterday.

NZD UNCHANGED
The NZD is unchanged at 65.2 USc. On the cross rates we are also going nowhere at 92.2 AUc, and 57.3 euro cents. That puts the TWI-5 at just over 69.7.

This chart is animated here. For previous users, the animation process has been updated and works better now.