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
Again, no changes to report today. But we have heard that the SBS Bank special channel 3.99% fixed offer will close at the end of today. Be quick!. 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
First Credit Union trimmed some rates. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.

IMPORTS PEAK IN OCTOBER EVEN THOUGH EXPORTS RISE STRONGLY
Even though our October exports rose a very strong +16% to $6.5 bln, our imports rose +11% to $8.0 bln and a record high for any month, leaving an overall October deficit of -$1.5 bln. But at least that was down from the almost -$1.7 bln in the same 2024 month. One reason exports rose quickly was the sharp rise in beef and lamb exports. In fact, meat exports hit a new all-time record high for the year to October. For beef, the key customers were the US and China. For lamb, it was the EU and China. But our overall October merchandise trade deficit doubled with China, stayed about in balance with Australia, halved with the US, but rose with Japan. With South Korea it eased back but is still a very large negative, about matching the deficit we had with China.

COMMERCIAL BUILDING CONSENTS
Building permits for new office and factory buildings are on the rise but warehouse consents took a breather. There was a big jump in consents for new office buildings but only in Auckland.

ANOTHER ONE CUTS
ANZ has followed BNZ and cut its 2025/26 forecast for the dairy payout. BNZ estimates $9.50/kgMS whereas ANZ has opted for $9.65/kgMS, both down from their original $10kg/MS.

BILLINGS RISE (LESS THAN INFLATION) BUT THEY ARE BEING PAID OFF FASTER
Local billings on credit cards were up +2.2% in October from a year ago. But overseas billings on these cards were down from September and essentially unchanged from a year ago. The travel and online spending impulse for foreign merchants is showing signs of flagging. The proportion of credit card debt that incurs interest slipped to 50.9%, and that is a record low. Interest rates may be falling generally, but credit card interest rates are essentially not, still averaging 19.6%.

RISING AGAIN
Our tracking of commercial lease listings is rising again, now 25,600. They are at record levels on the North Shore, South Auckland, Hamilton, Wellington, Nelson, Christchurch, Queenstown (even if very low) and Dunedin.

NZX50 FALLS
As at 3pm, the overall NZX50 index was down -0.5% so far on Friday following global trends. That puts it also down -0.7% over the past five working days. But it is up +2.3% year-to-date. From a year ago it is now up +4.7%. Market heavyweight F&P Healthcare is down -1.3% so far today. Turners, Kathmandu, Investore and Serko lead the gainers, but Oceania, Infratil, Argosy and Summerset weigh on the NZX50.

JAPAN EXPANDS
Japanese exports came in stronger in October than expected, up +3.6% from a year ago when a +1% rise was anticipated. That dovetails into a better than expected ‘flash’ November factory PMI for Japan – but it isn’t yet quite at the expansion level. But their ‘flash’ services PMI certainly is and it expanded faster in October than expected.

TAKE OUR QUIZ
Just a reminder that our quiz is open still for this week, and you can play until 4pm on Sunday. Last week more than 600 people played. This week indications are it has remained just as popular. It is open for all, Supporters and those yet to sign up. Anyone can play.

SWAP RATES HOLD LOW
Wholesale swap rates are probably little-changed today. 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 at 2.46% on Thursday. Today, the Australian 10 year bond yield is down -1 bp at 4.47%. The China 10 year bond rate is little-changed at 1.81%. The NZ Government 10 year bond rate is unchanged at 4.29%. The RBNZ data is now all delayed with Thursday’s rate is up +4 bps at 4.25%. The UST 10yr yield is down -4 bps at 4.10%.

EQUITIES QUITE NEGATIVE
The local equity market is down -0.6% in Friday trade so far. The ASX200 is down -1.4% in afternoon trade. Tokyo has fallen -1.8% at its open. Hong Kong is down -1.6% and Shanghai is down -1.3%. Singapore is also lower, down -0.8% at its open. Wall Street ended its Thursday trade after the Nvidia result with the S&P500 down -1.6%.

OIL EASES FURTHER
The oil price in the US has fallen another -US$1 to just on US$58.50/bbl and the international Brent price is now just over US$62.50/bbl.

CARBON PRICE HOLDS LOW
We haven’t found any trades today so the price is unchanged at $44/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 SOFTISH
In early Asian trade, gold is down -US$10/oz from this time yesterday, now at US$4068/oz.

NZD SOFT
The Kiwi dollar is little changed but with a soft undertone from this time yesterday at now just under 56 USc. Against the Aussie we are up +200 bps at 86.7 AUc. Against the euro we are down -10 bps at 48.5 euro cents. This all means the TWI-5 is down -10 bps at just on 60.7.

BITCOIN DIVES
The bitcoin price is now at US$85,498 and a -7.6% dive from this time yesterday.  Volatility has been high at just on +/- 3.7%.

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