![US firm gains NZX dairy access](/pf/resources/images/placeholders/placeholder_l.png?d=793)
US firm gains NZX dairy access
New Zealand stock market operator NZX has accredited American company Straits Financial to access its growing dairy derivatives market.
New Zealand stock market operator NZX has accredited American company Straits Financial to access its growing dairy derivatives market.
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.
Share prices firmed by just under one per cent after major offshore markets surged higher overnight.
Global equity markets gained and commodity markets rallied overnight, triggered in part by a late surge in Chinese equities.
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.
Low world dairy prices aren't stopping the NZ industry - production was up 13pc last month from July last year.
Fonterra's move to cut the amount it sells on its global dairy auction appears to have worked.
The dollar fell after weak Chinese factory data yesterday raised concerns about a slowdown in Asia's largest economy.
New Zealand's terms of trade unexpectedly rose in the second quarter as a slide of almost 10 per cent in the Kiwi dollar helped lift prices of exports such as dairy products.
Investors are selling currencies such as the kiwi as they unwind so called 'carry trades'.
More than half of New Zealanders appear to have made up their minds already about whether the Trans Pacific Partnership is a good or bad thing.
The USD strengthened after Fed Reserve officials signalled the US central bank is on track for a potential rate hike next month.
New Zealand is prepared to fight for "the principles of trade" in its beef battle with Indonesia, says our ambassador to the Southeast Asian nation.
The dollar edged up with gains limited by a stronger US dollar buoyed by better economic data.
F&P Healthcare's boss Mike Daniell says he'll retire this year, as the company announces an upgrade to its earnings guidance.
The world's largest bank, Industrial and Commercial Bank of China, is stepping up its international expansion to offset China's slowing economic growth, according to former chief executive Yang Kaisheng.
The country's trade deficit was smaller than expected in July as exports of fruit and meat drove overseas sales higher.
In the first minutes of trade, the S&P/NZX50 was up 28 points, led by post-result gains from Air NZ and Metlifecare.
It follows a period of volatile trading as investor confidence about weakness in China abated.
Trade Minister Tim Groser has lashed out at public opposition to the Trans Pacific Partnership, saying he won't let "anti-trade forces" stand in the way of the contentious deal.
The New Zealand sharemarket staged a comeback yesterday after being 2.5 per cent down at one point but China's sharemarket rout continues.
New Zealand experts surveying the fallout from China's "Black Monday" stock market tumble will look to see if it reflects bigger problems in that country's economy, which is a big buyer of our exports and a source of tourists.
The New Zealand dollar bounced from a six-year low after two days of turmoil spurred by the prospect of deteriorating Chinese economy.
NZ shares have stabilised, with the S&P/NZX50 index down just 9 points today.
The local sharemarket opened down 2.4 per cent, after a wild overnight ride on world markets.