No changes today. All current mortgage rates are here<\/a>. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here<\/a>.<\/p>\n
TERM DEPOSIT\/SAVINGS RATE CHANGES TRENDING HIGHER END OF THE SHORT AFFAIR HOLDING UP HOT STUFF TEMPORARY BNZ ACCOUNT BLOCK TAKE A BREAK AND DO OUR QUIZ NZX50 IN SHARP RECOVERY TRENDING UP NOW ALL NECESSARY MEASURES PANIC BUYING URGENT SHIFT ARE YOU A BANKING & FINANCE PROFESSIONAL? SWAP RATES HOLD EQUITIES VERY MIXED OIL SLIPS CARBON PRICE SOFTISH GOLD FIRM NZD NOT CHANGED BITCOIN RISES AGAIN Select chart tabs<\/p>\n US$ Select chart tabs<\/p>\n 1 year % \n This soil moisture chart is animated here<\/a>.<\/p>\n
General Finance has raised all its 1-5 year rates. All updated term deposit rates less than 1 year are here<\/a>, for 1-5 years, they are here<\/a>.<\/p>\n
ANZ’s card tracking shows<\/a> overall card spending rose +0.6% in February (seasonally adjusted) and is up +4.4% compared to the same time last year. Spending continues to trend higher, with annual growth positive for most sectors. Housing is a soft spot, while lower petrol prices have dragged down annual growth in the motor vehicles and fuel category. But that isn’t likely to last..<\/p>\n
Latest Reserve Bank figures show<\/a> two-year fixed rate mortgages have returned to favouritism with homeowners, ending their flirtation with super-short fixed mortgage terms.<\/p>\n
The overnight dairy Pulse auction<\/a> brought little change to last week’s full auction. That means those good prices were essentially maintained, so no sign yet that the global rise in dairy supply is hurting prices.<\/p>\n
MBIE has selected Todd Energy as the preferred lead contractor to drill the first exploratory superdeep, superhot geothermal well, which \u2013 if successful \u2013 could bring about a step change in our energy supply. The first well will be at least 5kms deep, accessing heat resources. The project has been allocated $60 mln<\/a> from the government\u2019s Regional Infrastructure Fund as part of its priorities aimed at developing a secure and resilient energy supply.<\/p>\n
BNZ says it’s introducing a temporary account block for some incorporated society customers as part of “a final push” to help them meet a legal deadline under the Incorporated Societies Act 2022. They must reregister with the Companies Office by April. If they miss the deadline they’ll legally cease to exist. Thus BNZ says it’s taking a “proactive step to prompt action.”<\/p>\n
Our quiz has been updated for this week’s edition. You can do it here<\/a>. And a new one will be added every Monday.<\/p>\n
As at 3pm, the overall NZX50 index<\/a> is up +1.3% so far today. That leaves it down -2.6% over the past five working days, and down -0.2% from six months ago. From a year ago it is now up +6.8%. Market heavyweight F&P Healthcare is up +2.2% so far today. Mercury, Briscoes, Fletchers, and a2 Milk lead the NZX50 to a sharp gain, as Investore, Stride Property, Napier Port, and Vulcan Steel are the big decliners.<\/p>\n
Upper North Island wholesale spot electricity prices<\/a> are over $100\/MWhr today and Auckland (OTA) hit $165 at mid-day. (H\/T TR).<\/p>\n
In Europe, ECB boss Lagarde has been out emphasising that they will be redoubling their efforts to keep inflation under control with an active monetary policy in the face of oil price pressures, and “will take the necessary measures to control inflation”.<\/p>\n
And in Australia, there are more stories about panic buying<\/a> of fuel, especially diesel, as farmers and fishers worry about availability to keep their operations going. They worry that food prices will be next<\/a>.<\/p>\n
And staying in Australia, Westpac among others are suddenly forecasting that the RBA will hike its cash rate target by +25 bps on March 17 to 4.1% and again in May to 4.35%. The sudden rise in inflation threats are behind the sharp change, with their central bank “feeling compelled to act”.<\/p>\n
You may wish to consider subscribing to our specialist daily newsletter. Details here<\/a>.<\/p>\n
Wholesale swap rates<\/a> are likely to be little-changed today. Keep an eye on our chart<\/a> below which will record the final positions closer to 5pm. The 90 day bank bill rate was up +1 bp at 2.50% on Tuesday. Today, the Australian 10 year bond yield is up +1 bp from this time yesterday at 4.86%. The China 10 year bond rate is unchanged at 1.81%. The Japanese 10 year bond is up +3 bps at 2.19% today. The NZ Government 10 year bond rate is now at 4.63%, up +3 bps from this time yesterday. The RBNZ data is now ‘prior day’ with Tuesday rate down -9 bps at 4.57%. The UST 10yr yield is up +3 bps from this time yesterday, now at 4.14%.<\/p>\n
The local equity market has risen +1.2% in Wednesday trade, so far. The ASX200 is up +0.4% in afternoon trade. Tokyo has opened on Wednesday up +2.0% in its opening trade. Hong Kong is little-changed however, up just +0.1% and Shanghai is down -0.2%. Singapore is down -0.1%. Wall Street in its Tuesday trade for the S&P500 was down -0.2%.<\/p>\n
American oil prices have fallen back sharply with the WTI benchmark down -US$1.50, now at just under US$83.50\/bbl, while the international Brent price is now just on US$88\/bbl. There are still no ships transiting<\/a> the Straits of Hormuz. Many line up however.<\/p>\n
There have been just a few minor trades so far today on the secondary market, and the price is down another -50c to $44\/NZU. See our daily chart tracker<\/a> of the NZU price for carbon, courtesy of emsTradepoint<\/a>.<\/p>\n
In early Asian trade, gold has risen from this time yesterday, up +US$38\/oz or +0.7% and now back at US$5212\/oz. Silver is down -US$1 to US$88\/oz.<\/p>\n
The Kiwi dollar is up +10 bps from this time yesterday against the USD, now at just on 59.3 USc. Against the Aussie we are down -80 bps at 83 AUc. Against the euro we are unchanged at 51 euro cents. This all means the TWI-5 is now just over 62.8 and little-changed from where we were this time yesterday.<\/p>\n
The bitcoin price is now at US$70,019 and up +1.1% from this time yesterday. Volatility has been moderate, at +\/- 1.8%.<\/p>\n
\n AU$
\n TWI-5
\n \u00a5en
\n \u00a5uan
\n \u20acuro
\n GBP
\n Bitcoin<\/p>\n
\n 2 years %
\n 3 years %
\n 4 years %
\n 5 years %
\n 7 years %
\n 10 years %<\/p>\n
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