Daily Alert: A less than ideal mix for NZ while US yields soar
A less than ideal mix of high inflation and low (or no) growth has emerged in NZ, with December housing data pointed to rapid cooling.
Fears of central banks being behind the curve broadly characterised market action overnight, with yields up and global stocks down.
The 300th Global Dairy auction overnight did not disappoint with whole milk powder prices up a sizeable 5.6% to USD4,082 per metric tonne, and we will reassess our forecasts of a record $8.75 kgMS Fonterra milk price payout for the 2021/22 season.