What you need to know on Thursday morning, July 10.
- NZX50 down 43.332 points (0.84 per cent) to 5122.743
- NZ dollar at US88.22 cents, A93.66c, 89.59yen, 51.42p, 64.62€c
- Brent crude oil at US$108.39 a barrel (down US55c)
- Spot gold at US$1324.80 an ounce
What's on today
- The BNZ-Business NZ Performance of Manufacturing Index (PMI) will show whether the New Zealand manufacturing sector grew or shrank in June.
Stocks to watch
- Manufacturers: Manufacturing stocks are in the spotlight today with the BNZ-Business NZ PMI set to reveal the health of manufacturing sector in June, including its growth outlook, and because the New Zealand dollar is within a whisker of breaking its post-float high against the US.
Top international news
- British retailers saw the biggest annual decline in prices in June since at least 2006, with cheaper furniture, electricals and clothes as well as a supermarket price war all contributing, an industry group said yesterday.
The British Retail Consortium (BRC) reported that prices in shops fell 1.8 per cent last month compared with a year earlier, the biggest annual drop since the survey began in December 2006.
Food prices were 0.6 per cent higher, the smallest gain on record, while non-food prices were 3.4 per cent lower, another record fall.
British supermarkets have embarked on a widespread price cuts in the face of competition from German discounters, with mixed results. Last month, Tesco reported its largest drop in quarterly sales in 40 years despite price cuts.
Official consumer price inflation, which covers a wider range of goods and services than the BRC measure, fell to a four-and-a-half year low of 1.5 per cent in May.
The Bank of England expects inflation to be close to 2 per cent for the next two to three years.
Something else for your morning
- Inequality is a frequent topic of discussion in New Zealand, but while a recent study suggested income inequality isn't getting worse, a new study shows a "concerning" gap in financial literacy between children raised by the haves and the have-nots.
While the number of 15-year-olds scoring well on financial literacy was higher than the OECD average, more than a quarter of Maori and 44 per cent of Pacific Island students scored at the lowest level in the rankings.