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These are the key things you need to know before you leave work today.
CHANGES IN THE MORTGAGE RATE
There are no changes to report today.
CHANGES IN THE TERM DEPOSIT RATE
Asset Finance cut its two, three and four year TD rates.
WESTPAC LEAVES THE PACIFIC
The Westpac Group is selling its Pacific businesses, Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG to Kina Securities for up to A $ 420 million. The sale follows the Group’s strategic decision to focus on consumer, corporate and institutional banking in Australia and New Zealand. Westpac Group last week announced the sale of Westpac General Insurance and Westpac General Insurance Services for A $ 725 million to Allianz and signed an exclusive 20-year agreement for the distribution of general insurance products to Westpac customers.
POWERFUL MOVES
Investor in infrastructure and public services Infratil (YES T) says it is conducting a ‘strategic review’ – corporate pitch to seek to sell – its 65% stake in Tilt Renewables, a developer and operator of wind farms here and in Australia. The “review” can take six months. Tilt told the NZX in a statement the review “may result in an offer by a third party for all outstanding shares of TLT and therefore TLT directors will begin preparations to be able to respond to such offer.” Does the Mercury state controlled generator (MCY) be interested? He owns 20% of Tilt. He told the NZX on his own statement that “there is currently no agreement between Infratil and Mercury regarding Infratil’s strategic review.” “Mercury is very satisfied with the performance to date of its investment in Tilt and has not reached a position on the future of that investment. Mercury’s directors will follow developments closely.”
MORE APPETIZER FOR CORPORATE BONDS
Ryman Healthcare (RYM) seeks up to $ 150 million in a new six-year bond issue. It will have a minimum interest rate of 2.50%. There will be no public pool for this offer, everything will be distributed through institutional channels.
DIFFICULT NEGOTIATIONS
Land rents for some key waterfront properties in central Auckland are again in the process of being negotiated and it is difficult to reach an agreement. This land was 15 years until 2011 with zero increases, and since then they come out every three years. It never seems to be “easier”. The owner of the land, Ngati Whatua Orakei Whai Rawa Ltd, is represented by Chapman Tripp as legal advisor and has Michael Stiassny as director. The interests of the land owner and property tenants are unlikely to easily align.
MARKING BACK
Although your daily online data updates will not change, the Ministry of Health reduce the frequency of media updates to four times a week – currently scheduled to be Monday, Wednesday, Friday and Sunday.
FRENZY AUCTION, BUT PRICES REMAIN RESTRICTED
Although the number of Australian home auctions they were -30% less last week than in the same week a year ago, the overall removal rate increased to 75% and Sydney posted a removal rate of 80%. In fact, auction settlement rates in Australia are now at their highest level in four years. But sell securities They are only increasing about + 3% annually there.
NO SURCHARGE FOR NOW
In Australia, the RBA seems to have concluded that the BuyNow and PayLater schemes of imposing a no-charge rule on their merchants work to “promote innovation”, and that these benefits outweigh the damage the industry does to some users. But they do point out that, at some point, it will be necessary to undo the rules without charge.
GOLD PRICE RECOVERERS
The price of gold fell -US $ 6 in Asian trading early today from Saturday’s closing price in New York. and then rose again to US $ 1,838 / oz.
EQUITY UPDATE
The NZX50 has opened this week’s trading unchanged from Friday in the last trades. The ASX200 was up 0.7% in afternoon trading with sharp gains from iron ore miners. The huge Tokyo market has also started the week unchanged. Shanghai has opened down -0.3% and Hong Kong has fallen -0.9% in trade openness.
EXCHANGE RATES AND BONUSES REMAIN HIGHER
We still don’t have today’s swap rate movements. If there are substantial changes today, when late-day interchange rates become available, we will update them here. The 90-day bank invoice rate remains unchanged today at 0.25%. At this moment a bond liquidation is taking place with the consequent increases in the reference rates. The Australian Government’s 10-year benchmark rate continues to rise by 1.06%. The 10-year government bond of China is unchanged at 3.32%. But the 10-year New Zealand government has risen again +6 bps to 0.97% and above the previous RBNZ correction of 0.94% (+3 bps). And the 10-year US government stands today at 0.97% to where it rose on Friday on the NYT, at +6 bp.
NZD LOWER EDGES
Against the US dollar, the kiwi dollar is now at 70.4 USc after rising earlier. In cross rates, it is down against the Australian at 94.7 AUc and against the euro we are also softer at 58.1 euro cents. All of that means that our TWI-5 has moved slightly from this time on Friday to 72.5.
BITCOIN SUPPORTS
Bitcoin is now at $ 19,336 and practically unchanged from the price we reported this time on Friday. The bitcoin rate is displayed at the exchange rate stated below.
This soil moisture table is animated here.
The easiest place to keep up with risk events today is by following our Economic calendar here ».
