Daily Alert: Softening NZ labour paves way for an August OCR cut
- NZ yields lift after Q2 Labour market figures are in line with RBNZ expectations, slightly stronger than the market consensus. We expect a 25bp RBNZ cut in August. Inflation expectations data for NZ looms today
- Tariff headlines continue, with the higher reciprocal tariffs due to take effect from Midnight August 7 US time. President Trump doubles tariffs on Indian exports to the US to 50% and heaps pressure on other countries buying energy from Russia
- Global stocks have pushed higher, led by tech stocks, whilst global yields are slightly higher. Comments by a few Fed members point to more support for a September rate cut, with concerns that the US economy is at a turning point weighing on the USD
Contact us
Mark Smith
Senior Economist
Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.
His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.
Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.
Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.
When not at work Mark likes to travel, keep fit and spend time with his friends and family.
- Email: Mark
Chris Tennent-Brown
ASB Wealth Senior Economist
Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.
- Email: Chris