Dairy auction anxiously awaited
What you need to know on Tuesday morning, June 17.
- NZX50 up 8.293 points (0.16 per cent) to 5178.800
- NZ dollar at US86.72 cents, A92.30c, 88.30yen, 51.07p, €63.97c
- Brent crude oil at US$112.91 a barrel (up US45c)
- Spot gold at US$1274.30 an ounce
What's on today
- The GlobalDairyTrade auction tonight will reveal whether dairy prices have continued their recent slide, falling more than 25 per cent since February.
Stocks to watch
- Fonterra Shareholders Fund: The fall in milk prices will have a sizeable effect on New Zealand's economy but few listed companies are directly affected. However, investors will be watching the Fonterra Shareholders Fund ahead of the auction. The fund is down 18 per cent on this time last year.
Top international news
- US manufacturing output rose in May and factory activity in New York state accelerated sharply this month, buoying hopes of a strong rebound in economic growth this quarter. The brightening growth outlook was further boosted by news that confidence among homebuilders perked up this month, a good omen for the struggling housing market.
Factory production increased 0.6 per cent last month as output rose across a swathe of industries, the Federal Reserve said yesterday. It also said output had slipped 0.1 per cent in April, which was not as much as previously thought.
Separately, the New York Federal Reserve said its "Empire State" general business conditions index rose to 19.28 this month, the highest reading since June 2010, from 19.01 in May. Readings above zero indicate growth.
Something else for your morning
- Not many of us need to worry about where to park our private jets, but a Wellington lawyer has recently been in a court dispute over that issue. Last year Mike Garnham, who in 2012 bought Terry Serepisos' ASB Bank Tower for $22 million, copped a $7500 parking ticket after he lost a case over disputed hangar fees for his US$3 million jet.