The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* With a knick-knack paddy whack, give a dog a bone….
– Seemed to sum up RBNZ / Orr’s moves yesterday
– Banks got a whack, having to increase Tier 1 Capital to 16%
– But got a bone, with implementation delayed from five to seven years
– RBNZ suggest a 20bps in cost to borrowers whilst Banks clearly higher!
– Market pared back OCR rate expectations, but RBNZ will need…