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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.

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