What you need to know on Tuesday morning, June 3.
- NZX50 down 4.726 points (0.09 per cent) to 5178.435
- NZ dollar at US84.49 cents, A91.44c, 86.52yen, 50.48p, €62.14c
- Brent crude oil at US$108.82 a barrel (down US59c)
- Spot gold at US$1242 an ounce
What's on today
- Statistics New Zealand's overseas trade indexes will show whether New Zealand's terms of trade (the value of our exports minus the value of our imports) stayed strong in the March quarter after jumping to a 40-year high in the December quarter on the back of a 27 per cent increase in dairy export values.
- Goodman Property Trust goes ex-dividend (final), paying 1.5c a share on June 19
- Kiwi Income Property Trust goes ex-dividend (final), paying 3.2c a share on June 19.
Stocks to watch
- Air New Zealand: After a public holiday yesterday, stock market investors will get their chance to deliver their early verdict on Air New Zealand's deal for 14 new Airbus planes, worth $1.6 billion, to fly its trans-Tasman routes. The order is for 13 Airbus A320neo (new engine option) and larger A321neo planes, and an additional standard A320.
Top international news
- Blunder causes market confusion: Incorrect manufacturing data caused a wild ride in US financial markets overnight. The Institute for Supply Management corrected its manufacturing activity index for May to 55.4, nearly in line with expectations, after economists said the original release's reading of 53.2 was wrong. The report initially suggested a weakening in the pace of factory-sector growth, but economists, including Stone & McCarthy Research Associates, said seasonal adjustments appeared to have been incorrectly applied to the figures. It took ISM nearly three hours to issue an official statement revising the data.
- Sydney house prices fall After experiencing soaring prices over the past year, the value of Sydney homes took a dive last month on the back of the biggest fall nationally since December 2008. RP Data-Rismark figures for May, released yesterday, show Sydney property values dropped 1.1 per cent, with analysts saying low consumer confidence and the federal budget could be among the triggers. Values in capital cities fell 1.9 per cent, with Melbourne prices dropping 3.6 per cent.
Something else for your morning
- Auckland is no "French Riviera" but it is promoting itself as a GEM of a city (golf, equine, marine) in order to attract wealthy Chinese. Auckland Council body ATEED isn't the only organisation seeing the potential from Chinese tourism - Auckland International Airport has set a target of 893,000 Chinese tourists a year by 2025, up from the present 229,000, but also wants their average spend to increase.