Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

XE Morning Update

The NZDUSD opens at 0.6732 (mid-rate) this morning.

Optimism about the next round of trade talks between the US and China due to take place later today has led to an increase in risk appetite.

A US delegation headed by Treasury Secretary Steven Mnuchin are meeting with their China counterparts in an effort to negotiate a trade agreement before the March 2nd deadline that could see tariffs on $200 billion worth of China-made goods increase to 25%. The talks are expected to focus on structural reforms and intellectual property protections.

Overnight the UK Office For National Statistics reported UK economic growth in the fourth quarter of 2018 slowed more sharply than expected with the data release showing Gross domestic product(GDP) grew 0.2% following on from Q3’s 0.6% expansion. Economists had expected the economy to grow by 0.3%. GDP for the full year was 1.4% and represents the slowest growth rate since 2012.

We expect the NZD to continue to trade the ranges ahead of tomorrow’s RBNZ statement when Governor Adrian Orr is expected to hold the official cash rate at a record-low 1.75%. Direction for the NZD will be dictated by the “tone” of the statement and whether the Bank looks to move away from its data dependent neutral stance to more of an easing bias.

Global equity markets are broadly higher, Dow +0.05%, S&P 500 +0.10%, FTSE +0.82%, DAX +0.99%, CAC +1.06%, Nikkei Closed, Shanghai +1.36%.

Gold prices have inched lower, down 0.3% trading at 1,309 an ounce. WTI Crude Oil prices have reversed Friday’s gains, currently down 2.0%% trading at $52.03 a barrel

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>

ALSO:

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: