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

 

HiFX morning Update, December 5, 2018

The NZDUSD opens at 0.6931 (mid-rate) this morning.

Following 7 consecutive falls, this morning’s Global Dairy Trade (GDT) finally resulted in an increase in dairy prices.

A total of 36,450MT of product was sold at this morning’s auction, with whole milk powder prices increasing by 2.5% to US$ 2,667 MT. Butter milk powder was the standout performer with prices rising 16.9%, while skimmed milk powder prices inched up 0.3%.

The improvement in market sentiment hasn’t lasted long with global equity markets and bond yields both falling overnight. The Dow is currently down 700pts with investors sceptical about the trade ceasefire, following President trump’s latest twitter comments. Trump said that he would "happily" sign a fair deal with China but has not ruled out the possibility that the talks will fail. "President Xi and I want this deal to happen, and it probably will," Trump tweeted. "But if not remember... I am a Tariff Man."

The gap between the US-two-year and 10-year yields has decreased to less than 0.12 percentage points, the lowest it has been since before the financial crisis. An inversion in the yield curve has in the past preceded a recession so investors will be monitoring this closely.

Bank of England Governor Mark Carney when questioned by lawmakers over comments he made last week on the effects that a disorderly Brexit would have on the UK economy, defended the bank’s position saying that they were looking at a worst case scenario. The central Bank predicted that the economy could shrink as much as 8%, House prices could fall 30% inflation could hit 6.5% and the pound could all 25% in the event of a no-deal Brexit.

Global equity markets are broadly lower, - Dow -2.72%, S&P 500 -2.75%, FTSE -0.56%, DAX -1.14%, CAC -0.82%, Nikkei -2.39%, Shanghai +00.42%.

Gold prices are marginally higher, up 0.2% trading at $1,236 an ounce. WTI Crude Oil prices are pushing higher, currently up 1.3% trading at $53.36 a barrel.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>