If interest rate tightening is not resumed to reign in inflation to within the RBNZ remit, at the very least other measures should be enabled to stop the resumption of over-investment in residential land instead of business.
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Downgrade has been the catalyst to lead long term yields higher ...thus increasing reference rates for loans and stocks ...this is more like 50bips rates increase by FED which will disturb the dreams of US stocks Bulls ...or they were already looking for an excuse to lighten up and let markets drift lower from almost 4600 levels which were beyond anyone's dreams when 2023 started
Our market is stuck in its own rut ...elections and low activity signals coming from all leading indicators like Port traffic etc
Last qtr clarity will return on politics as well as economy direction thus rates outlook ...till then W69 will keep us informed and scared :p
Ouch, this will hurt......
https://www.nzx.com/announcements/415776
Fonterra Co-operative Group Ltd today reduced its 2023/24 season forecast Farmgate Milk Price range from $7.25 - $8.75 per kgMS, with a midpoint of $8.00 per kgMS, to $6.25 - $7.75 per kgMS, with a midpoint of $7.00 per kgMS.
Watch the dollar go......
Hmmm Does the govt and RBNZ know something we don't? Half billion given to RNBZ by the govt last month to prop up NZD if it all turns to custard
Might seem like a lot but all the NZD needs is another Andy Krieger moment...
Oil ripping, NZD dipping. Fortunately, we're a post oil economy. It was our Nuclear Free moment. Felt so proud when we ditched our reliance on fossil fuels.