Stuck in a rut over the ditch
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More bad news from New Zealand, so does that add to the size of the next cut there? Bad trade data from China too, but shares are up. Because obviously there's optimism following the weekend announcement that didn't really offer much except hope. Hope is always good though. Will there be any more hope for Europe? The zoo surveys are out today, along with the latest bank lending numbers. And US equity is doing well. They seem to be enjoying the earnings season. And why you should trade in shares yourself today?
Yep, it's Charity Trading Day at Nab Trade today. So Nab Trade is going to donate a hundred percent of brokerage fees to charity, including eighty percent of those fees are gonna go to Disaster Relief Australia, which is a uh uh a veteran-led not-for-profit organization that helps communities prepare for and recover from disasters. The other twenty percent is gonna be donated to causes that are coordinated by NAB's charity partner, the ASX, who support a wide range. Of charities. So trade today, and uh you will not only be improving your position, but you will also be doing others good at the same time. Now, today a 0.3% rise in the US dollar, a 0.4% fall in the Aussie dollar, down to 67.2 US cents now.
The yen is also down 0.4%, the euro has lost 0.3%. Shares are pushing higher, a 0.9% rise in the NASDAQ. Stack at the close, the S P is up naught point eight percent, another record high today. The Dow has climbed half a percent, getting over forty three thousand. Trade was down a little, but not that much given it was a holiday. The Eurostocks fifty closed up three quarters of one percent. The CSI three hundred. Obviously, uh Saturday's announcement was taken as good news because it's up one point nine percent, although the Hang Seng is down three quarters of one percent yesterday. And Bonds, well, markets closed for Columbus Day in the United States on Monday. Uh still is in fact on Monday as we speak.
Uh but small moves in yields in Europe, although ten year yields were up three basis points in the UK, Australian ten year yields up four basis points to four point two seven percent yesterday on futures now, nudged up to four point three percent, keeps climbing. And oil today, well it's really been bouncing around a bit, hasn't it, really? But today it's down quite a bit. WTI is 2.2% lower. Brent is down 1.9% to below 7780 a barrel. So Rodrigo Catrill joins me today from NAB in Sydney. A bit to get through today. Let's start in New Zealand.
What is Charity Trading Day at NAB Trade and how can listeners support disaster relief?
The PSI yesterday, the Performance of Services Index, came in at 45.7 for September, the same as August, so it's still contracting. In fact, seven months of contraction now. Business New Zealand CEO Catherine Rich has said they are stuck in a bit of a rut. The only way out of that, obviously, is gonna be rate cuts. Yeah.
And uh the positive impact from those rate cuts uh will take a little bit of time, so It does suggest that near term, you know, that um the this it's very likely that the the a New Zealand economy will continue to contract in Q three. Um when you look at the composite of PMI, PSI, uh yeah, it's telling you that you should be expecting another contraction in Q three. So, um and probably reflects this idea that maybe, you know, the RBN St should have been cutting a lot earlier, uh being a little bit behind the curve in terms of how severe the slowdown is. Uh which, you know, we will learn tomorrow that it's also coming at a uh a rapid decline in terms of inflation too. So um Um so the the best thing we can say from the PSI is that the improvement that we saw between June and July has you know, it was retained if you like, um um uh and in August.
Uh but certainly in terms of contraction It's still contracting but um at a at a slower pace relative to to previous months.
We wait and see. It's probably not going to be twenty-five basis points. So the question is fifty is it fifty or seventy-five, which has been thrown out there on this podcast. So we watch with interest to see what uh what happens to the next meeting. So China shares up today or yesterday.
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