NZ shares routed as ANZ forecasts OCR to hit 3%

Dan Brunskill
Wed, 19 Jan 2022

Bond yields jumped to multi-year highs after ANZ upped its OCR forecast. (Photo: supplied)
Bond yields jumped to multi-year highs after ANZ upped its OCR forecast. (Photo: supplied)
Dan Brunskill
Wed, 19 Jan 2022
New Zealand shares fell sharply, and bond yields surged to multi-year highs after ANZ Bank predicted the Reserve Bank would hike the official cash rate all the way to 3%.The S&P/NZX 50 Index fell 202 points, or 1.6%, to 12,612.31. Turnover was $116 million.Local shares were already off to a weak start this morning as global interest rates continued to push higher, putting pressure on equity markets.Key equity indices on Wall Street dropped overnight as US traders returned from a long weekend and were greeted by US 10-year bond yields a...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Markets market close
F&P Healthcare drags NZX 50 lower
Dan Brunskill | Wed, 25 May 2022

Markets were also surprised by RBNZ's plans to keep hiking the official cash rate until it hit 4%.

Property
Homeowners to feel pain next year when home rates hit 6%
Brent Melville | Wed, 25 May 2022

There's no need for leveraged homeowners to panic as interest rates ratchet up, but stress could start being felt downstream as more rate hikes seem on the cards.

Economy
Reserve Bank will hike but not as much as it says
Rebecca Howard | Wed, 25 May 2022

The Reserve Bank of NZ now expects the official cash rate to peak at 3.9% in June 2023, up from its February view that it would peak at 3.4% in September 2024.

Partner content
Small business lessons for attracting and retaining staff

Employers battling through the ‘Great Resignation’ are now faced with the ‘Great Brain Drain’.

Partner content
People leaders are key to wellbeing but still need help

One in three people say they have experienced an issue with an unsupportive manager