Here are the key things you need to know before you leave work today (or if you work from home, before you shutdown your laptop).

MORTGAGE RATE CHANGES
ANZ has cut all its fixed rates. The details are here. Update: And now Westpac has cut everything too. All rates are here. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here.

TERM DEPOSIT/SAVINGS RATE CHANGES
ANZ cut its TD rates by just as much as its mortgage rate cuts. China Construction Bank also cut rates today. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.

VOLUMES RECOVERING BUT PRICES MIXED
Barfoot & Thompson reports it had best its September sales volumes since 2020. Auckland’s dominant realtor had ‘healthy’ in September, but its stock levels are still high and market price signals are quite mixed.

NEAR THE TROUGH?
Cotality says, for the first time in six month, the median dwelling value has increased. That median dwelling value squeaked out a +0.1% increase in September. But the median values are still down in Auckland and Wellington.

LOG PRICES STABLE, PROSPECTS IMPROVE
Forest owners eye a boost from NZ Government spending plans. China log demand making small gains, India demand for NZ logs helped by rising euro but seasonally soft. It’s all in the September log market report.

NZX50 FIRMER AGAIN
As at 3pm, the overall NZX50 index was up +0.2% net in its Wednesday session so far, after a slowish start. It is up +2.4% over the past five working days. And it is up +3.0% year-to-date. From a year ago it is now up +8.1%. Market heavyweight F&P Healthcare is down -0.4% today so far. Skellerup, Briscoes, Ryman, and Gentrack lead gains; Kathmandu, EBOS, Genesis, and Sky TV all fall.

COMPLIANCE FAILURE
The DIA says it has entered into an enforceable undertaking with Pagemark Limited and its director David Halstead, following failures by the company to meet its obligations under the AML/CFT Act 2009. Between January 2017 and March 2025, Pagemark Limited helped form 14 legal entities and provided registered office or business address services to 19 legal entities without conducting appropriate risk assessments or maintaining an adequate Anti-Money Laundering and Countering Financing of Terrorism compliance program. Pagemark also failed to submit annual reports and prescribed transaction reports as required by the Act.

STRONG BIDDING FOR LOWER YIELDS
Almost $1.7 bln was bid for the $450 mln available in today’s NZGB tender. Thirty-eight of the 104 bids were successful, with yields moving down from the prior equivalent events.

SPENDING GROWTH EASES
In Australia, household spending inched higher by just +0.1% in August to be +5.0% than year-ago levels. It was held back by lower spending on booze and recreation, lifted by higher spending on transport.

EASING
Aussie exports were weak in August, mainly because of lower gold exports. This means August goods exports were -3.5% lower than year ago levels. Imports were +4.5% higher on the same basis.

SWAP RATES SOFTISH
Wholesale swap rates are will probably be softer yet again today for all durations. Keep an eye on our chart below which will record the final positions closer to 5pm. The 90 day bank bill rate was down -2 bps on Wednesday at 2.78%. Today, the Australian 10 year bond yield is down -5 bps from yesterday at 4.31%. The China 10 year bond rate is up +2 bps at 1.88%. The NZ Government 10 year bond rate is down -1 bp at 4.23%. The RBNZ data is now all delayed with Wednesday’s rate up +3 bps to 4.22. The UST 10yr yield is down -5 bps on risk aversion at 4.10%.

EQUITIES ALL FIRMER
The local equity market is now up +0.2% in Thursday trade. However, the ASX200 is up a strong +1.1% in afternoon trade. Tokyo has opened up +0.6%. Hong Kong is up +1.6% at its open but Shanghai is still on its holiday break. Singapore is up +1.1% at its open. Wall Street ended its Wednesday session with the S&P500 up +0.3%, ignoring the shutdown drama..

OIL DIPS AGAIN
The oil price in the US is down -50 USc to just on US$62/bbl and the international Brent price is now down at just over US$65.50/bbl.

CARBON PRICE HOLDS
Prices remain range-bound on very light volumes, holding at $57/NZU. The next official carbon auction is on December 3, 2025 and likely heading for another failure. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.

GOLD HOLDS
In early Asian trade, gold is up to US$3864/oz, down -US$3 from this time yesterday.

NZD RECOVERS
The Kiwi dollar is up +40 bps from yesterday at 58.3 USc. Against the Aussie we are up +40 bps at 88.1 AUc. Against the euro we are up +40 bps at 49.7 euro cents. This all means the TWI-5 is now also up +40 bps at 65.5.

BITCOIN RISES
The bitcoin price is now at US$118,779 and up +3.8% from this time yesterday. Volatility has again been modest, just on +/- 2.3%.

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This soil moisture chart is animated here.

Keep abreast of upcoming events by following our Economic Calendar here ».