Stagflation fear sends NZ shares sliding

Stagflation fear sends NZ shares sliding
The RBNZ may double the official cash rate in the coming months. (Photo: Dan Brunskill)
Dan Brunskill
New Zealand shares tumbled on Tuesday as short-dated government bond yields hit new highs after ANZ Bank predicted the official cash rate could be doubled by May.The S&P/NZX 50 Index fell 168 points, or 1.4%, to 11,744.95. Turnover was $173 million.Sky-rocketing oil prices have prompted ANZ’s chief economist, Sharon Zollner, to forecast a 50-basis point interest rate increase in both April and May this year.This would mean the Reserve Bank of NZ would double the official cash rate in just two months, something Zollner said was a &ldqu...

More Markets

NZ sharemarket drifts flat as Fed decision looms
Markets Market Close

NZ sharemarket drifts flat as Fed decision looms

The S&P/NZX 50 Index closed down 0.05% or 6.5 points.

If Māui closes, Methanex's future is murky says Fuge
Markets

If Māui closes, Methanex's future is murky says Fuge

A constant state of unease is needed in the energy sector says Contact boss.

Phasing out $6b capital layer unlikely to dent banks’ ratings
Finance

Phasing out $6b capital layer unlikely to dent banks’ ratings

Banks’ credit ratings likely unmoved if Additional Tier 1 capital phased out.