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
No changes to report today. All current mortgage rates are here. And note, you can compare mortgage offers with our unique calculator that takes into account other costs and cashback incentives, here.
TERM DEPOSIT/SAVINGS RATE CHANGES
No changes here either. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.
THE WORLDCLEAR FILES
We have launched the first part of a years-long investigation, the inside story of the tiny New Zealand firm that transferred millions for high-risk clients globally. This was a joint investigation with the Organized Crime and Corruption Reporting Project (OCCRP) and it’s partners. We also had valuable support from the Brian Gaynor Business Journalism Initiative with this public interest journalism project.
REDUCING THE BURDEN
The Government has signaled that, with cross-party support, it will be easing up on AML requirements, including around laundering money through the real estate system.
CREDITORS CLAIM $589 MLN FROM SEASCAPE’S DEVELOPER
The first receiver’s report for Shundi Customs Ltd, developer of the Seascape apartment tower, shows creditors owed $588.8m, with almost $171.2m claimed by China Construction Bank as first ranking secured creditor.
YET TO HIT
The pace of supplier cost increases to Foodstuffs supermarkets in April was slightly lower than in March, with the Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index (GSCI) showing an average +2.0% increase in what suppliers charged compared with a year earlier. “These slower cost increases still largely pre-date rising costs stemming from conflict in the Middle East, with only some limited increases for produce showing through so far,” said Infometrics Brad Olsen. This delay is impressive, given the Persian Gulf crisis and commodity cost increases started at the very end of February, 72 days ago.
CRITICAL FUEL USERS
Fuel limits: Government outlines who ‘critical fuel users’ would be if oil crisis worsens.
MORE SIGNALS SOON
We are going to get many more indicators on how this inflation will hit over the next five days. First will be Thursday’s Selected Price monitoring by StatsNZ released on Friday, followed by the April PMI survey also on Friday. No-one is expecting these reports to be showing anything like the +2.0% impact that Foodstuffs claims.
ABANDONED
The ginger group of lawyer, the Environmental Law Initiative (ELI) filed a claim in judicial review challenging a 2024 decision by the EPA that there was no significant new information about glyphosate that would warrant grounds for a reassessment of the weedkiller. In October 2025, the High Court ruled that the EPA had acted lawfully when making the decision about glyphosate. The judgment recognised the EPA’s role as New Zealand’s authority on hazardous substances and confirmed it has wide discretion when deciding whether to reassess a chemical. ELI had appealed the High Court decision to the Court of Appeal but on 5 May abandoned the appeal.
DO THE QUIZ
Our quiz is updated this week and ready to challenge you, and see how you do compared with the many hundreds of other readers doing it too.
NZX50 FALLS BACK
As at 3pm, the overall NZX50 index is down -0.2% so far today but it is heading for a weekly rise of +0.4%. It is down -3.6% from six months ago. From a year ago it is now up a net +3.8%. Market heavyweight F&P Healthcare is down a very sharp -2.4% so far today. Infratil, Fletcher, AirNZ and Kathmandu lead Monday’s gains as Ryman, SkyCity casino, Summerset and Auckland Airport decline.
BONDS ARE KING
Secondary market enthusiasm for trading in NZGBs turned up a notch last week. Almost $94 bln was traded in those five days. That’s not all bonds, only NZGBs. It is a market that dwarfs the equity market. Last week featured the largest trading level on 2026. only bested by the November 23 to December 12 period in 2025 (when the average weekly trade topped $104 bln).
FUEL STOCKS UPDATE
This is the latest MBIE update of current the fuel stock status: At this time the situation is seems little-changed.
Stock, days cover
Number of ships
Petrol
Diesel
Jet fuel
In-country
32.0
23.5
31.8
On water within EEZ (up to 2 days away)
3
4.0
1.7
0.5
On water outside EEZ (up to 3 weeks away)
8
15
19.1
21.8
Total NZ stock, May 6, 2026
11
51
44.3
54.1
previously reported
In-country
34.0
26.1
34.4
On water within EEZ (up to 2 days away)
3
4.9
2.5
0.5
On water outside EEZ (up to 3 weeks away)
7
10.4
19.1
20.2
Total NZ stock, May 3, 2026
10
49.3
47.7
55.1
previously reported
In-country
34.9
27.1
31.4
On water within EEZ (up to 2 days away)
3
6.1
3.6
0.0
On water outside EEZ (up to 3 weeks away)
9
11.7
22.0
27.3
Total NZ stock, April 29, 2026
12
52.6
52.7
58.7
previously reported
Total NZ stock, April 26, 2026
10
52.8
46.1
49.1
Total NZ stock, April 22, 2026
10
51.8
41.3
45.7
Total NZ stock, April 19, 2026
11
51.2
41.6
47.4
Total NZ stock, April 15, 2026
13
54.0
44.8
51.4
Total NZ stock, April 12, 2026
12
56.3
45.4
47.0
Total NZ stock, April 8, 2026
14
59.7
49.1
50.7
Total NZ stock, April 5, 2026
14
62.6
51.7
53.5
Total NZ stock, April 1, 2026
16
61.9
51.5
50.1
Total NZ stock, March 29, 2026
16
58.7
52.2
46.2
Total NZ stock, March 25, 2026
15
59.3
54.5
50.4
Total NZ stock, March 22, 2026
48.7
46.4
53.4
SOURCE: https://www.mbie.govt.nz/about/news/fuel-stocks-update
CHINA NOT IMMUNE
China’s inflation is rising, noticeably now. Today they said their April CPI came in up +1.2% from a year ago, with fuel costs up +4.6% on that year-ago basis. But in April from March, fuel costs rose +3.5% in just one month. Things are hotter for producer costs which were up +3.5% year-on-year, and up +2.1% month-on-month. These are big sifts because it has been negative since October 2022.
CAUGHT IN IRAN’S WEB
Iran seems to be toying with the US, and the US doesn’t seem to know what to do to extract itself from the festering mess of its own making. WTI and Brent crude jumped over +3% after Trump rejected Iran’s latest response to his proposal aimed at ending the 10-week conflict, leaving the Strait of Hormuz effectively closed. Renewed attacks across the Middle East over the weekend also threatened to undermine a fragile ceasefire. There is zero sign that the high costs of this conflict are about to fade any time soon. Inflation and stagnation are here to stay.
SWAP RATES HOLD
Wholesale swap rates will probably be 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 up +2 bps at 2.63% on Friday. Today, the Australian 10 year bond yield is unchanged at 4.99%. The China 10 year bond rate is also little-changed at 1.76%. The Japanese 10 year bond is up +2 bps at 2.49% today. The NZ Government 10 year bond rate is now at 4.71%, up +1 bp from this morning. The RBNZ data is now ‘prior day’ with the Friday rate up +7 bps at 4.69%. The UST 10yr yield is unchanged from this morning, still at 4.39%.
EQUITIES MIXED
The local equity market is down -0.1% in Monday day trade so far. But the ASX200 is down -0.7% in afternoon trade. Tokyo is down -0.4% at its open. Hong Kong is also down -0.4% but Shanghai is up +0.7% at its open today. Singapore is up +0.1% at its open. Wall Street is looking like it will open up +0.1% tomorrow in its Monday trade, according to current futures activity
US OIL PRICES RISE, BRENT STABLE (SO FAR)
American oil prices have jumped on the Trump tantrum with the WTI benchmark up +US$4 at just on US$99.50/bbl, but the international Brent price is still just over US$101/bbl.
CARBON PRICE DIPS AGAIN
There have been a few modest to good trades today on the secondary market, and the price has slipped -$2 to $52/NZU. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.
GOLD LOWER
In early Asian trade, gold is lower at US$4679/oz, down -US$35 from this this time yesterday. Silver is now just under US$80.50oz and unchanged from this morning.
NZD DIPS
The Kiwi dollar is down -20 bps from this morning against the USD, now just on 59.5 USc. Against the Aussie we are unchanged at 82.3 AUc. Against the euro we are also little-changed at 50.6 euro cents. This all means the TWI-5 is now just over 62.7 and down -20 bps from this morning’s open.
BITCOIN ESSENTIALLY UNCHANGED
The bitcoin price is now at US$81,177 and down a mere -0.3% from this morning. Volatility has been modest at just on +/- 1.3%.
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