{"id":93653,"date":"2025-10-22T05:44:11","date_gmt":"2025-10-22T05:44:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/93653\/"},"modified":"2025-10-22T05:44:11","modified_gmt":"2025-10-22T05:44:11","slug":"what-happened-wednesday-interest-co-nz-6","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/93653\/","title":{"rendered":"What happened Wednesday | interest.co.nz"},"content":{"rendered":"

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).<\/p>\n

MORTGAGE RATE CHANGES
BNZ is the next to cut most fixed rates. Details here<\/a>. All 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
ASB, BNZ and Heartland (and AMP) reduced rates today. And we have summarised where these rates have landed, here<\/a>. All updated term deposit rates less than 1 year are here<\/a>, for 1-5 years, they are here<\/a>.<\/p>\n

SURPLUS SUPPLY, LOWER RENTS
Trade Me Property says<\/a> the balance of power between tenants and landlords is shifting in tenants’ favour. They note that more properties are available to rent and rents are in decline.<\/p>\n

DAIRY PRICES SLIP AGAIN
Busted tech spoiled the initial reporting of today’s GlobalDairyTrade auction results<\/a>. When it was fixed, the result was a -1.4% overall fall in USD, down -0.4% in NZD. The key WMP price fell -2.4% and the SMP price fell -1.6%. Only AMF rose. These changes are different to what we reported earlier today.<\/p>\n

STILL ON THE CANVAS, BUT TRYING TO GET UP
The latest BNZ\/Seek job ads report<\/a> suggests that job ad levels are tickup up slightly at last, but off a very low base. They note that other employment indicators are still quite mixed and the wage growth remains very subdued.<\/p>\n

NOT SO HOPEFUL THEY WILL STAFF-UP
Sort of related, Retail NZ\u2019s latest Retail Radar survey<\/a> reveals that while retailers are cautiously optimistic heading into the festive season, most are not planning to hire additional staff for Christmas trading.<\/p>\n

LONG TERM INVESTOR GENERATES OUTSIZED RETURNS
The NZ Super Fund released its Annual Report<\/a> for the year to June 2025 today. The Fund generated a pre-tax return of +11.8% after costs. It paid the Crown income tax of $1.53 bln, one of the largest taxpayers the Government has. It has 11.3% of its assets invested in New Zealand, 2.4% in Australia, 3.5% in Japan, 4.6% in other Asian economies, 18% in the EU and 57% in North America. Over its lifetime, its average pre-tax return has been 9.9% pa. As good as the NZ Super Fund is, it was pipped by Australia’s Future Fund<\/a> and their +12.2% result (but it only paid AU$72 mln in income tax).<\/p>\n

NZX50 RETREATS
As at 3pm, the overall NZX50 index<\/a> was lower in its Wednesday session, down -0.4% so far. That puts it +0.2% firmer over the past five working days. It is up +2.0% year-to-date. From a year ago it is now up +4.0%. Market heavyweight F&P Healthcare is down -1.7% today. Investore, Argosy, PFI and Hallensteins rise but Gentrack, Scales, Vulcan Steel, and Serko decline.<\/p>\n

DOWNGRADED
The Government is moving<\/a> to downgrade requirements for listed companies to report their climate mitigation strategies & progress. If you don’t measure, it will cease to be a priority and we won’t know if any progress is bing made. But the importance of progress won’t change for the society these companies operate in.<\/p>\n

NOSE-DIVE
Air NZ says<\/a> it will likely make a big loss because domestic demand is weaker than expected and the expected uplift in bookings from the US just isn’t happening. They are now looking at a -$55 mln first half loss. They had expected a +$34 mln profit in this period, so its a -$100 mln shift.<\/p>\n

YES TO DAWN MEATS, WP HAS NO FARMER FRIENDS
Alliance Group farmer-shareholders have voted in favour<\/a> of a proposed $270 mln joint venture investment by Dawn Meats. Dawn Meats, one of Europe\u2019s leading red meat processors, will acquire a 65% shareholding in Alliance Group, with farmer-shareholders retaining a 35% stake. A total of 2,675 shareholders voted, representing 92,495,558 shares or more than 88% of all shares on issue. Of these, more than 87% voted in favour of the proposal, meeting the threshold required under the Takeovers Code.<\/p>\n

STARTING TO SPEND $1 BLN FOR BETTER RETURNS
Fonterra\u00a0said<\/a> today it will invest $75\u00a0mln\u00a0to expand butter production at its South Canterbury Clandeboye\u00a0site as part of\u00a0the\u00a0next phase\u00a0of strategic investments which will total $1 bln\u00a0over the next three to four years. It is all part of their new drive to raise returns and extract operational cost efficiencies.\u00a0<\/p>\n

NOW’S GOOD
With an economy mired in the doldrums, it is vital that reporting on what is happening stays comprehensive, open and free. We need our Supporters now more than ever<\/a>. If you can support us you can go ad-free too.<\/p>\n

SWAP RATES ON HOLD
Wholesale swap rates<\/a> are will likely be little-changed today across the board. Keep an eye on our chart<\/a> below which will record the final positions closer to 5pm. The 90 day bank bill rate was down -1 bp on Tuesday at 2.52%. Today, the Australian 10 year bond yield is down -2 bps from yesterday at 4.11%. The China 10 year bond rate is unchanged at 1.77%. The NZ Government 10 year bond rate is down -1 bp at 3.99%. The RBNZ data is now all delayed with Tuesday’s rate down -3 bps to 3.97%. The UST 10yr yield is down another -3 bps at 3.96%.<\/p>\n

EQUITIES MOSTLY LOWER
The local equity market is now down -0.4% in Wednesday trade so far. However, the ASX200 is down -0.9% in afternoon trade. Tokyo has opened down -0.8%. Hong Kong is down -0.7% at its open. Shanghai is down -0.2% to start their Wednesday trade. Singapore is unchanged at its open. The Wall Street ended its Tuesday trade also essentially unchanged on the S&P500.<\/p>\n

OIL UP MARGINALLY
The oil price in the US is up +50 USc to just under US$57.50\/bbl and the international Brent price is now just on US$61.50\/bbl.<\/p>\n

CARBON PRICE HOLDS
There have been very few trades again today and the price has held at $55.90\/NZU. The next official carbon auction is on December 3, 2025 and likely heading for another failure. See our daily chart tracker<\/a> of the NZU price for carbon, courtesy of emsTradepoint<\/a>.<\/p>\n

GOLD RETREATS SHARPLY, SILVER TOO
In early Asian trade, gold is down a massive -US$251 from this time yesterday, now at US$4092\/oz. Silver is down at US$48.50\/oz now.<\/p>\n

NZD MARGINALLY FIRMER
The Kiwi dollar is holding from this time yesterday at 57.4 USc. Against the Aussie we are up +30 bps at 88.5 AUc. Against the euro we are up +20 bps at 49.5 euro cents. This all means the TWI-5 is up +10 bps at 62.<\/p>\n

BITCOIN DIPS
The bitcoin price is now at US$108,454 and down -1.0% from this time yesterday. Volatility has again been moderate, at +\/- 2.7%.<\/p>\n

Select chart tabs<\/p>\n

US$
\n AU$
\n TWI-5
\n \u00a5en
\n \u00a5uan
\n \u20acuro
\n GBP
\n Bitcoin<\/p>\n

Select chart tabs<\/p>\n

1 year %
\n 2 years %
\n 3 years %
\n 4 years %
\n 5 years %
\n 7 years %
\n 10 years %<\/p>\n

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\n <\/a>\n<\/p>\n

This soil moisture chart is animated here<\/a>.<\/p>\n

Keep abreast of upcoming events by following our Economic Calendar here \u00bb<\/a>.<\/p>\n

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