Most economists expect the bank to now retain an easing bias, with some tipping the rate to drop to 2 per cent.

The kiwi dollar has fallen by a full US cent this morning after the Reserve Bank cut the official cash rates to 2.75pc.

The New Zealand dollar has advanced ahead of the Reserve Bank's official cash rate announcement this morning.

Global equity markets gained and commodity markets rallied overnight, triggered in part by a late surge in Chinese equities.

Shares on both sides of the Atlantic moved higher overnight, triggered in part by a late surge in Chinese equities.

The mortgage rate war is heating up ahead of a widely tipped rates cut on Thursday, with ASB now matching the 4.35pc rate BNZ unveiled last week.

Traders have put 78 per cent odds of Reserve Bank governor Graeme Wheeler cutting the official cash rate.

The NZ dollar declined after US labour market data left open the possibility of US interest rate hikes this month.

Prices of onion - a staple in diets of India nationals - have almost doubled since July, leading to a series of widely-reported heists in recent weeks.

BNZ reduces one-year fixed rate to 4.35 per cent ahead of Reserve Bank's expected announcement that OCR will be cut.

Barfoot & Thompson blames fall in Auckland market on winter weather, the Reserve Bank and international economic instability.

US economic data has kept alive expectations the Federal Reserve may hike interest rates this month.

Wall Street rose overnight, recovering part of the previous day's selloff as investors found value in some shares.

The NZX 50 closed down 1.2 per cent at 5590.2 yesterday following a plunge on Wall Street overnight that saw the S&P 500 index fall almost 3 per cent.

Wall St followed the slide of equities in Europe and Asia overnight, amid mounting fears about the slowing pace of Chinese growth.

Investors are selling currencies such as the kiwi as they unwind so called 'carry trades'.

Wall St was down overnight as Fed officials left the door open for an interest rate hike this month.

Last month saw the highest number of new dwellings consented in a month since March 2005.

The USD strengthened after Fed Reserve officials signalled the US central bank is on track for a potential rate hike next month.

The dollar edged up with gains limited by a stronger US dollar buoyed by better economic data.

Asian policy-makers need to understand that currency devaluations aren't a cure-all, writes Bloomberg columnist William Pesek.

Wall St rose overnight, rebounding from one of its worst slumps ever, as investors found value in beaten-down equities.

It follows a period of volatile trading as investor confidence about weakness in China abated.

The New Zealand dollar slumped to its lowest level in six years as equities sank amid concerns about global growth.