NZ Markets Begin Week on Strong Note

The week started off strong for New Zealand's financial markets. ANZ trimmed two key mortgage rates to match its competitors, while TSB made some adjustments as well.

Term deposit and savings rates saw an increase with TSB raising many of them today. Meanwhile, milk powder prices rose in the overnight Pulse dairy auction, up 1.6% in USD terms but over 3% in local currency due to a recent drop in the NZD.

The September ANZ business confidence survey showed little change from last month, with overall business confidence easing by 2 points despite remaining positive. Expected own activity remained steady at its equally positive level, while reported past activity fell and is now only at a modest level.

Household bank balances saw an outsized reduction of $1.4 billion in August, but TD balances rose $900 million from July, mainly due to savings account and transaction account balances being drawn down.