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Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the Yemeni Houthis have announced a naval blockade against Saudi Arabia but effectively closing the Red Sea. Elsewhere new mediation efforts are underway again. In the US, the Conference Board's leading indicator tracking turned negative in June. The shift down isn't a lot because it wasn't very positive in earlier months. But it is consistent with the Atlanta Fed's GDPNow tracking showing an exhaustion of the pace of the US expansion. Off balance sheet debt at the big US tech giants is exploding, making investment assessments harder to make. It is now an estimated US$1.65 tln as artificial intelligence investments ballooned, a Nikkei study shows, and now exceeds actual reported debt. The problem is particularly acute at Meta. These companies are about to report Q2-2026 results and these debt levels are sure to become an issue. The main way these debt obligations stay off balance sheets is via "innovative" lease transactions centered around timing issues. And US Big Tech valuations are also under threat from Chinese alternatives, especially the relatively new Moonshot K3 version. It is hard not to to get a sense that financial markets are facing a revaluation crisis in the tech sector. In Canada, their CPI inflation rate came in at 2.8% in June, with a core rate of 2.1%. Both these measures were lower than in May and slightly lower than expected. The Malaysian export boom is carrying on (+45% from June a year ago), especially for electronics (+57%) and petroleum (+56%), and especially to the US (+109%). But they needed all of that because imports surged sharply too, up 44% from a year ago. The People's Bank of China kept its key lending rates at record lows for a 14th straight month in July, as widely expected. The one-year loan prime rate (LPR), the benchmark for most corporate and household borrowing, was held at 3.0%, while the five-year LPR, a reference rate for mortgages, remained at 3.5%. However, rate cut expectations are rising there as their domestic economy slows. German producer prices were up a modest +1.8% in June from a year ago, similar to the prior two months. But this new level is in contrast to the PPI deflation they had reported for the earlier twelve consecutive months. A number of major countries are struggling to contain the devaluation of their currencies against the US dollar. Japan is seeing its currency at its weakest level since 1996. India is seeing levels back to near the record lows they had in mid-May. And Indonesia is battling record low levels as well. All these are major economies and all are trying to work what level of higher interest rate differential is needed to stabilise their situation. This is just part of a rising interest rate background, not helped by the prospect of higher US interest rates from their inability to tackle inflation effectively. The UST 10yr yield is now just on 4.60%, up +4 bps from this time yesterday.  The price of gold has slipped to US$4003/oz, down -US$14 from yesterday. Silver is now just under US$56.50/oz, up +50 USc from yesterday. Oil prices are +50 USc firmer from yesterday at just under US$83/bbl in the US, while the international Brent price is now just under US$89/bbl. Hormuz transits are still just a trickle There have been just 1 crude tanker and 5 cargo ships exiting over the past 24 hours (4 dark with transponders off) and 8 entering for new loads (8 dark) and all this traffic is Iran-linked. The Kiwi dollar is marginally firmer from yesterday at just under 58.5 USc. Against the Aussie we are down -20 bps at 83.5 AUc. Against the euro we are up +10 bps at just on 51.2 euro cents. That all means our TWI-5 starts today at 62.3 which is unchanged from this time yesterday. The bitcoin price starts today at US$65,541 and up +1.6% from this time yesterday. Volatility over the past 24 hours has been modest at just over +/-1.4%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

A recently released study from researchers at the Otago, Canterbury, and Massey universities has found an association between nitrate concentrations in drinking water, and pre-term births. The study is the first of its scale to investigate the health impacts of nitrate on health, involving the birth records of over 735,000 babies born between 2008 and 2021.  It comes after the Ministry of Health launched a review into the health effects of nitrate in drinking water earlier this year, with groups such as Greenpeace long-arguing for a reduction in the maximum acceptable value of nitrate in drinking water for Aotearoa New Zealand. So, to learn more about what the study found, Producer Theo spoke to its lead author, the University of Canterbury's Associate Professor Tim Chambers.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news it is a good job we have sports to allow us a temporary distraction from the geopolitical mess that the US has initiated and which seems to just go on and on. A shut Hormuz and a jump in oil prices is bringing Groundhog Day. Back in the economic world, Tuesday's June CPI release will dominate this week's local data releases. Markets expect an elevated 4% rate, keeping the pressure on the OCR and the RBNZ to contain it. Events in the Middle East aren't helping. The next OCR review is not until September 2 however. In Australia, it will be all about their June labour market release. Markets expect only modest jobs growth and no jobless rate change. But developments between the US and Iran will remain in the global spotlight after strikes escalated, impacting energy prices and interest rate outlooks for central banks. There is not much market-moving economic data expected from the US this week. But earnings season results will be watched for indications and surprises. In Japan, they will release trade and inflation updates (1.6%?). Taiwan will be interesting for its industrial production data. Korea for its Q1-2026 GDP outcome. And Indonesia will review its policy rate again, after the unusual interim hike, and then taking it to possibly 6%. For them it is all about supporting their weakening currency. There is little significant data out of China this week. However, here's something we haven't covered so far. Their June trade data for China shows that its crude oil imports are now at a ten year low. In fact their June crude oil imports were -11.4% lower than a year ago in volume terms. It is a shift that will have global implications. We can also note that China closed nearly 30,000 kindergartens and primary schools in 2025. It is the consequence of the growing demographic slump we have been noting for some time. Recent data released by the Ministry of Education revealed a severe structural divergence: while early childhood and primary education are shrinking rapidly, high schools and universities are expanding to absorb a demographic bulge from earlier birth peaks. Three Chinese airlines have ordered 95 Airbus commercial jets. This has swelled Airbus's non-US order book over rival Boeing. Airbus (89) delivered more aircraft than Boeing (64) in June. Boeing is losing market share fast for clients outside the US, no doubt a direct consequence of reactions to nativist policies from Washington and risks of trade retaliation. Singapore's export growth fell back sharply and unexpectedly in June. Electronics exports remained elevated, but non-electronics exports were unusually weak in the month. Their big decliners were for petrochemicals, food, and non-monetary gold. Trade with the US was especially hard hit. Across the Pacific in Canada, the spread of their enormous wildfires are becoming an international irritant. Canada is struggling to contain them. In an unusual move, the US is refusing to assist, even though Canada sends crews and support to the US when they have wildfire emergencies. There are also major wildfires in many US states as well. In the US housing starts in June which came in +3.6% higher than year ago levels and brushing off their unusually weak May report. But for all the positives that some Fed district factory surveys have shown, these are not showing up in US industrial production data yet. You might have thought the increased local stockpiling surge would be visible by now. But to June, it isn't. US industrial production rose a paltry +0.1% in June to be +1.1% higher than a year ago. And that is its weakest increase in three months. Although consumers are still very negative in their sentiment, there was a notable improvement in the latest survey results from the widely-respected and long running University of Michigan consumer sentiment survey. With the second straight month of 10% jumps, consumer sentiment climbed to its least negative reading since February of this year on the basis of easing price pressures at the petrol pump in recent weeks. All five index components improved, led by significant 20% increases in buying conditions for durables as well as year-ahead business conditions. This month's rise in sentiment was consistent across the population, seen across groups by age, income, wealth, and political party. Will it last? If it truly is directly related to pump prices, then this weekend's outsized jump in crude oil prices (below) and the turn up in pump prices in the past few days, suggests not. Today's pump prices are almost back to month-ago levels when the sentiment survey hit its record lows. Looking backwards over the past month, US data has seen improvements. But these have not been enough to return the Atlanta Fed's GDPNow tracking to where it was in May, so a sharp downshift is still in place. And it is worth noting that 'consensus forecasts' by mainstream economists have not yet reflected that retreat. The RBNZ also produces a GDP nowcast. After a somewhat unexpected blip up two weeks ago, the latest data has returned our Q2-2026 growth to a minimal level. The same for Q3-2026. (There is no Aussie GDP nowcast from an official institution. The Melbourne Institute version won't be updated until the end of the month.) In Australia, the latest weekend's residential auction activity was low, possibly back to levels they had in 2018. They are finally having the housing market correction necessary to address their affordability problems. The UST 10yr yield is now just on 4.55%, unchanged from this time Saturday, down a net -2 bps for the week.  The price of gold has risen to US$4017/oz, up +US$12 from Saturday but down -US$83 from a week ago. Silver is now just under US$56/oz, down -US$3.50 for the week. Oil prices are +50 USc firmer from Saturday, up +US$3.50 from Friday at just on US$82.50/bbl in the US, while the international Brent price is now just over US$88/bbl. A week ago these prices were US$71.50 and US$76 respectively so a +16% rise since then. Hormuz transits have been reduced to a trickle overnight There have been just 2 crude tankers and 7 cargo ships exiting over the past 24 hours (4 dark with transponders off) and 9 entering for new loads (6 dark) and almost this traffic isl Iran-linked. The Kiwi dollar is unchanged from Saturday at just under 58.4 USc but up +80 bps for the week. Against the Aussie we are still at 83.7 AUc. Against the euro we are also holding, at just on 51.1 euro cents. That all means our TWI-5 starts today at 62.3 which is unchanged from this time Saturday, up +80 bps for the week. The bitcoin price starts today at US$64,542 and up +0.8% from this time Saturday, up +1.4% from a week ago. Volatility over the past 24 hours has been low at just over +/-0.5%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

A recently released study from researchers at the Otago, Canterbury, and Massey universities has found an association between nitrate concentrations in drinking water, and pre-term births. The study is the first of its scale to investigate the health impacts of nitrate on health, involving the birth records of over 735,000 babies born between 2008 and 2021.  It comes after the Ministry of Health launched a review into the health effects of nitrate in drinking water earlier this year, with groups such as Greenpeace long-arguing for a reduction in the maximum acceptable value of nitrate in drinking water for Aotearoa New Zealand. So, to learn more about what the study found, Producer Theo spoke to its lead author, the University of Canterbury's Associate Professor Tim Chambers.

Kesha said on a podcast that she's out here collecting human teeth from her fans, turns out there are similarly weird collections happening right here in Aotearoa New Zealand. Bree Tomasel & Clint Roberts on ZM - follow us @breeandclint on Instagram, Facebook and TikTok.See omnystudio.com/listener for privacy information.

It's been well reported that Aotearoa New Zealand is facing a severe shortage of aged care workers. Some groups estimate we'll need an extra 16,000 workers over the next three years alone. So, what does working in that field look like? Well, our next guest is the perfect person to help answer that question. Darren McKean runs the Ranfurly Manor residential care centre, but before this job he did many, many others.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the US-Iran conflict seems to be intensifying. Market responses don't reflect that yet however. In the US, initial jobless claims rose last week to 245,000 but this was less of a rise than seasonal factors can account for. There are now 1.85 mln people on these benefits, less than year-ago levels. US retail sales were up a healthy +8.4% in June from a year ago but virtually unchanged from May. If you take out cars and petrol, then the rise is +5.7% from a year ago, and a fall from May. Still good, but boosted by their claimed +3.5% inflation. Online sales of electronics goods were particularly strong, suggesting buyers were looking to get ahead of tariff and trade impacts. Meanwhile, new order levels reported in the Philly Fed's July factory survey were impressive. But this came with a fall-away in sentiment about the future, and with unusually high input cost inflation. More signs of stockpiling behaviour. And US petrol prices are rising again. US homebuilder sentiment fell in July in the NAHB survey. Not by a lot, but keeping it in the depressed state this sector has been in since the pandemic. They have an input cost problem too. The other side of this industry is in lackluster conditions too. Pending home sales fell in June from May, and came in slightly lower than year-ago levels. That was their biggest retreat in six months. The weakness was broad based across the whole country. In Canada, their June housing starts were -13% lower than year-ago levels. These were weak in Vancouver with a big fall-off in multiunit construction, but quite strong in Toronto. In Korea, their central bank raised its policy rate yesterday, raising it from 2.5% to 2.75%. This was as expected however. It was their first rise in more than three years as it grapples with inflationary pressure at least partially stemming from a faster economic expansion. Their previous change was a cut of -25 bps in May 2025. In Australia, the respected Melbourne Institute survey of inflation expectations has come in with a 4.7% July result after it's 5.5% in June after topping out at 5.9% in April. Australia's official inflation was 4.0% in May after topping out at 4.2% in April. Their June CPI is due to be released on Wednesday, July 29. Global container freight rates stayed very high last week even though they dipped -2% from the prior week. That leaves them +75% higher than year-ago levels. Meanwhile bulk freight rates were little-changed over the past week to be +55% higher than year-ago levels. The UST 10yr yield is now just on 4.57%, up +3 bps from this time yesterday.  Wall Street has started today with the S&P500 down -0.7% and the Nasdaq down -1.6%.  The price of gold has fallen to US$3984/oz, down -US$78 from yesterday. Silver is now just over US$55.50/oz, down -US$2 from yesterday. Oil prices are little-changed from yesterday at just on US$79/bbl in the US, while the international Brent price is still just under US$84.50/bbl. Hormuz transits have stayed low overnight There have been just 3 crude tankers and 8 cargo ships exiting over the past 24 hours (3 dark with transponders off) and 18 entering for new loads (5 dark) and almost all Iran-linked. More ships are exiting the Red Sea now, but much fewer want to enter. This rush out may be because Iran has told the Houthis to close the waterway if the US strikes Iran's civilian electricity network. The Kiwi dollar is down -20 bps from yesterday at just under 58.4 USc. Against the Aussie we are unchanged at 83.5 AUc. Against the euro we are also little-changed at just over 51 euro cents. That all means our TWI-5 starts today at just on 62.2 which is down -20 bps from this time yesterday. The bitcoin price starts today at US$64,111 and down -1.3% from this time yesterday. Volatility over the past 24 hours has been low at just under +/-1%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Monday. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news there is a growing sense that the world is close to running on empty the longer the US-Iran flareup carries on. But markets are ignoring that risk. In the US producer prices fell -0.3% in June from May, marking the first decline since August 2025 and an unexpected dip. A sharp decline in energy prices is getting the credit and the fact that energy risks are still around is being ignored. From a year ago US PPI was up +5.5%. Without that, the core index rose +0.2%, to be +4.7% higher than a year ago. The New York Fed's Empire State Manufacturing Index jumped 10 points to +15.6 in July 2026, signaling a significant pickup in business activity across New York State. Price increases remained elevated and supply availability continued to worsen, they said. The region is in a stockpiling mode, still expecting more cost impacts from tariffs. (Although the New York Fed boss indicated they are looking through these likely impacts. However, not every Fed member is so sanguine.) The July Fed Beige Book reported "modest to moderate" activity, with prices rising, with greater price sensitivity among consumers. US crude stocks fell again although not be as much as was expected this week. Their strategic reserves show not letup in their draining track. Across the northern border, the Bank of Canada left the target for its overnight rate unchanged at 2.25% for a sixth consecutive decision in July 2026, and as expected. But they are seeing an improved economic outlook, however. Across the Pacific and after impressing in April, Japanese machinery orders took an outsized tumble in May. down -12.4% from April and far worse than market forecasts for a -4.2% decline. It seems a broad-based weakness in business investment is setting in. Orders from manufacturers dropped -14.9% (vs 5.1% in April), while non-manufacturing orders fell -9.3% (vs 6.7%). Chinese house prices are still falling but at a slower pace now as background support measures and market cleanup activity is putting a floor under this weakness. China's new home prices across 70 cities fell -3.3% in June from a year ago, the mildest contraction since February. Shanghai was a standout with a +3.1% rise on that same basis, the only one with a measurable gain. Meanwhile, pre-owned home sales prices fell almost -6% on the same basis, and resale prices in Shanghai were negative too. Retail sales in China were up +1.0% in June from a year ago, restrained in large part by shrinking retail sales of cars. Without that, sales would have been up +3.0%, just enough to be higher than their CPI inflation. Industrial production in China rose +5.3% in June, its fastest pace in three months. Meanwhile, electricity production, which some think is a more realistic indicator of industrial activity because it is less susceptible to regional manipulation, rose +2.0% in June from the same month a year ago. Through all of this, China said its economic activity was up +4.3% in June from Q2-2025. This was slower than the +5.0% in Q1-2026 and lower than the anticipated +4.5% that analysts had forecast. And it is its slowest since Q4-2022, and prior to that pandemic interruption, the slowest since 1990. The uneven results posted today won't reassure Beijing. Markets are thinking they will announce new stimulus soon. China's new bank lending came in at ¥1.61 tln in June, much more than the very weak ¥520 bln in May, but well below both year-ago levels and the expected ¥2 tln rise. Bank debt growth typically accelerates in June as banks step up lending activity to meet their quarterly targets, but loan demand remains subdued in 2026. This is adding to expectations of new stimulus measures from Beijing. Yesterday's news of the arrival of bird flu in New Zealand likely shows that Australia's monitoring is likely very inadequate. They say Australia has 14 confirmed detections of H5 bird flu in wild birds. There are eight confirmed in Western Australia, five in South Australia and one in New South Wales. These are probably just the tip of the iceberg. The UST 10yr yield is now just on 4.54%, down -3 bps from this time yesterday.  The price of gold has firmed slightly to US$4061/oz, little-changed from yesterday. Silver is now just under US$57.50/oz, down -US$1.50 from yesterday. Oil prices are up +50 USc from yesterday at just on US$79/bbl in the US, while the international Brent price is now just over US$84.50/bbl. Hormuz transits have risen overnight There have been just 3 crude tankers and 15 cargo ships exiting over the past 24 hours (1 dark with transponders off) and 23 entering for new loads (9 dark) and most Iran-linked. More ships are crossing the Red Sea as well. The Kiwi dollar is up +40 bps from yesterday at just under 58.6 USc. Against the Aussie we are up +20 bps at 83.5 AUc. Against the euro we are also up +20 bps at just on 51.1 euro cents. That all means our TWI-5 starts today at just under 62.4 which is up +40 bps from this time yesterday. The bitcoin price starts today at US$64,950 and up +0.7% from this time yesterday. Volatility over the past 24 hours has been low at just under +/-0.8%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news of more Trump flip-flops in haphazard moves that show Trump has no strategy or exit plan from the mess he created in the Middle East. But first, there was a Pulse dairy auction overnight and prices mostly dipped from last week's full event. Both butter and SMP dipped -0.4%, but the exception was WMP which rose +0.3%. The recently higher NZD has made those changes less in local currency, reinforcing the Fonterra payout reduction. Elsewhere, the US released its June CPI result with a somewhat surprising dip with it falling to 3.5% after May's three year high 4.2%. Markets had expected a lesser dip to 3.8%. The biggest retreat was the -9.7% fall in petrol prices (although this monitoring only recorded a +6.8% fall). Inflation was on the mind of Fed speakers overnight, especially Kevin Warsh, who reiterated his commitment to fighting inflation saying he had "no tolerance for persistently elevated inflation". But he had no details or plans on how he is to tackle inflation. He was presenting the Fed's semi-annual Monetary Policy Report to Congress. The Fed's target is inflation at 2% and it has been above that for 63 consecutive months now, so the credibility of achieving that target is not high. The ADP weekly private jobs monitoring fell again, now under +20,000 and the first time it has reported a gain that low since mid-March. It has been tracking lower since early May. The lower fuel costs shifted the needle in the NFIB sentiment survey for SMEs, resulting in a less-negative June result. But these same respondents cited inflation as their biggest threat, the highest since October 2024. Yesterday, big US banks reported strong earnings gains, helped by their role in the Big Tech IPOs and other tech fundraising. Singapore said its economic activity was +5.7% higher in Q2-2026 than in the same quarter in 2025. While this was a bit less than the +6.3% first quarter result, it was above the expected +5.5% outcome. China said its June exports were up a remarkable +27% from the same month a year ago, driven by US companies stockpiling ahead of the expected inflationary effects of upcoming producer price inflation from the Middle East shocks, and by China's push to export cars, and far more than the +18% expected. It also said its imports were +36% higher than a year ago, driven by crude oil imports. That all meant that it had a near record trade surplus of +US$126 bln in June, only exceeded by the January 2025 +US$136 bln in that month. In Australia, the Westpac-MI consumer sentiment survey became less pessimistic in July, mainly because their fuel price pressures eased - and their interest rate fears moderated as well. Job loss concerns eased too. But consumers remained gloomy about the economy overall and that meant they don't think now is a good time to buy a major appliance. And, although it recovered somewhat from very low levels, Aussies are still very uncertain where their housing market is going. The story was quite similar for business sentiment in July as reported by the NAB survey. However, this one reported a sharper-than-expected improvement even if it is still negative. Price pressures also moderated, with input price growth slowing to its weakest pace since February and retail prices falling for the first time in seven years. The UST 10yr yield is now just on 4.57%, down -4 bps from this time yesterday. The price of gold has risen to US$4059/oz, up +US$66/oz from yesterday. Silver is now just under US$59/oz, up +US$1.50 from yesterday. Oil prices are up +US$1.5o from yesterday at just on US$78.50/bbl in the US, while the international Brent price is now just over US$84/bbl and up +US$2. Hormuz transits have essentially dried up as the hot conflict explodes again and Iran declaring the Strait 'closed'. There have been just 3 crude tankers and 7 cargo ships exiting over the past 24 hours and all of those tied to Iran (1 dark with transponders off) but only 9 entering for new loads, all Iran-linked (1 dark). No-one was prepared to pay Trump's tolls, so Trump backed down (in a weird rambling announcement), less than 24 hours after announcing the levies. It is unknown if any are paying Iran's tolls. Plans to build pipelines to avoid the area are getting new momentum now. So Iran is shifting its focus to blockading the Red Sea at Yemen. The Kiwi dollar is up +50 bps from yesterday at just over 58.1 USc. Against the Aussie we are up +20 bps at 83.3 AUc. Against the euro we are up +40 bps at just on 50.9 euro cents. That all means our TWI-5 starts today at just on 62 which is up +50 bps from this time yesterday. The bitcoin price starts today at US$64,477 and up +4.1% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/- 2.5%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news that at the close of business today in New York, the Q2-2026 earnings season will kick off with major banks JP Morgan, Bank of America and Wells Fargo leading the pack. They will be reporting into a market that is jittery over the rebounding crisis in the Middle East. Adding to the confusion, Trump said the US is imposing a 20% toll on all ships passing through the Strait of Hormuz. That will close all traffic except Iranian-linked vessels. Separately, yesterday tech stocks from New York to Shanghai all took a beating. Meanwhile, US Fed governor Waller spoke today, emphasising he is watching the inflation signals closely and warning that more rate hikes may be necessary. He warned about the impact of "tariffs, energy prices, and spillovers from demand for the AI buildout". But he is wary of recent history, acknowledging that this evolving situation has different risks and "we shouldn't fight the last war" on inflation. We are seeing a long-time dove turning hawkish on the need for action on inflation. That comes as the US federal government posted a much wider deficit than expected, boosted by tariff refunds. Over the past nine months, that deficit has swelled to -US$1.36 tln on track for another unsustainable record, only one Trump could engineer with his dodgy fiscal strategies. In India, CPI inflation rose to 4.4% in June, its highest since December 2024 and slightly more than expected. Food prices rose +5.3% with tomato prices up almost a third on this year-on-year basis. In China, their climate and weather authorities are warning that there is an elevated chance of more serious storms this year. They have just had their first major one, and they say more than six national emergency level storms are expected before the end of their summer. In Australia, we should probably note that the Xero CEO has sold all her own shares in the company, a somewhat startling signal. Meanwhile OPEC is also turning glum. Their July Monthly Oil Market Report lowered the 2026 global oil demand growth forecast to 780,000 bpd, citing economic instability from the geopolitical conflict. They see reduced demand in major markets. The UST 10yr yield is now just on 4.61%, up +5 bps from this time yesterday.  The price of gold has fallen to US$3994/oz, down -US$126/oz from yesterday. Silver is now just under US$57.50/oz, down -US$2.50 from yesterday. Oil prices are up +US$6 from yesterday at just on US$77/bbl in the US, while the international Brent price is now just over US$82/bbl. Hormuz transits have essentially dried up as the hot conflict explodes again and Iran declaring the Strait 'closed'. There have been just 6 crude tankers (1) and 5 cargo ships exiting over the past 24 hours and 5 of those tied to Iran (0 dark with transponders off) but only 5 entering for new loads, all Iran-linked (1 dark). The Kiwi dollar is little-changed from yesterday at just under 57.6 USc. But against the Aussie we are up +20 bps at 83.1 AUc. Against the euro we are unchanged at just on 50.5 euro cents. That all means our TWI-5 starts today at just on 61.5 which is the same as this time yesterday. The bitcoin price starts today at US$61,935 and down -3.4% from this time yesterday. Volatility over the past 24 hours has been modest however at just under +/- 1.9%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the Hormuz Strait is effectively shut again with Iran's 'strategy' winning against the US 'firepower'. It is hard to think of any other politician trashing their advantage perceptions so completely. There will be long historical echoes from all this ineffective breast-beating. But elsewhere and locally, this week will bring updates to our migration and travel data, indicators of June retail activity, and early signals of June inflation. We will also get an look at business sentiment, and likely get the June REINZ update. In Australia, they will chime in with their June labour market updates, after updates for consumer and business sentiment. In the US, apart from Trump's wars, investors will turn their attention to the Q2 earnings season, and a steady stream on important economic data that includes their CPI, retail sales and consumer sentiment updates. Fed boss Warsh will be briefing Congress and that will be interesting too, especially about his views on 'reform'. Canada will be reviewing their central bank's policy rate this week, although no change from the 2.25% is anticipated In Japan, it will be about machinery orders and industrial production with eyes also firmly focused on their currency - which will also impact their fast-rising interest rates. In China, it will be a busy week of June economic data releases including for trade, and debt, and highlighted by their Q2-2026 GDP growth rate. Over the weekend, in the fiercely competitive Chinese car market, they reported 2.8 mln vehicle sales in June which was somewhat unexpected because a dip from May was anticipated. But it is a -3% dip from year-ago June sales levels. That pushes their twelve month sales to 33.8 mln units, up from 33.0 mln in the prior equivalent year. Car exports rose above 1 mln units in June, the first time that level has been achieved as it floods global markets. It is storm season in China again, and severe flooding has hit a number of regions, enough to concentrate minds in Beijing. Elsewhere, China has banned the export of helium. Actually, the re-export of helium because it gets most of it from Russia. The Middle East conflict has restricted supply from there, and tech users in Europe and Asia are now in a tough spot, as are medical users everywhere. China is conserving its Russian imports for its own tech industry Japan is reporting that their producer prices rose +7.1% in June from a year ago, accelerating from an upwardly revised +6.6% increase in May and above market expectations of a +6.8% gain. It is the fastest annual increase since March 2023. Higher energy prices following supply chain disruptions linked to the war in Iran are driving this, of course. And Japan's finance minister said they want to steer their state pension funds to "substantially" increase investments in domestic assets. This brought a sharp immediate reaction in both their currency and bond markets, due to the expected size of the shift. The yen gained, or at least it halted its fall, and their bond yields fell sharply (see below). Elsewhere, in the US initial jobless claims rose by +224,500 and about what seasonal factors can account for. There are now 1.767 mln people on these benefits, less than year-ago levels. After the good May rebound, existing home sales in the US fell back to average levels, and to levels lower than a year ago. The median price is up only +1.8% from a year ago. That modest rise is less than income growth, so overall affordability is getting a chance to recover there. On Wall Street, South Korean computer chip maker SK Hynix has raised US$26.5 bln in its New York IPO, the largest ever listing by a foreign firm in the US. SK Hynix is a key supplier to AI chip giant Nvidia. In Canada, their payrolls rose a minor +18,200 in June, slightly better than the expected +10,000, and holding on to the +88,000 gain in May. The June gain was all about a strong rise in the private sector (+32,000) which consolidated the good May private sector rise (+56,000). But most of the net June gain was from part-time employment. These positive shifts in June may have something to do with hiring for the football World Cup events. Global container freight rates rose another +2% last week to be +74% higher than year-ago levels, mostly about outbound freight rates from China to the US where demand is still high. Bulk cargo freight rates pushed higher too. The UST 10yr yield is now just on 4.56%, unchanged from this time Saturday but up +7 bps for the week. The price of gold has risen to US$4119/oz, up +US$19/oz from Saturday, but down -US$55 from a week ago. Silver is now just under US$60/oz, up +50 USc from Saturday, down -US$2.50 from a week ago. Oil prices are little-changed from Saturday at just on US$71.50/bbl in the US, while the international Brent price is now just onUS$76/bbl. A week ago these prices were US$68.50 and US$72/bbl. Hormuz transits have dived sharply as the hot conflict explodes again and Iran declaring the Strait 'closed'. There have been just 12 crude or product tankers exiting over the past 24 hours and 5 of those tied to Iran (5 dark with transponders off) but only 9 entering for new loads, again mostly Iran-linked (3 dark). The Kiwi dollar is unchanged from Saturday at just over 57.6 USc, up +50 bps from a week ago. Against the Aussie we are unchanged at 82.9 AUc. Against the euro we are unchanged at just on 50.5 euro cents. That all means our TWI-5 starts today at just on 61.5 which is the same as this time Saturday, up +60 bps for the week. The bitcoin price starts today at US$64,084 and up +0.6% from this time Saturday, up +2.9% from a week ago. Volatility over the past 24 hours has been low at just under +/- 0.6%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Tuesday. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the oil price, and benchmark interest rates have both risen on the renewed tensions between the US and Iran. But first today, the IMF has updated its global economic forecasts, and they are virtually unchanged from the main release in April. They note the world economy's stronger-than-expected resilience to the Iran war and robust AI-related investment. They see global growth coming in at +3.0% in 2026 with the 2027 growth outlook revised up to marginally 3.4% from 3.2%. Despite the slight upgrades, the IMF warned that risks remain tilted to the downside, and the full economic impact of elevated tensions, including renewed US-Iran strikes, are still to be revealed. Global headline inflation is now expected to reach 4.7% in 2026, up from 4.1% in 2025, before easing to 3.9% in 2027. Australia gets little mention in this update except to note that its 2026 growth is forecast to come in at +1.9% (down -0.1%) and 2027 at +1.7% (unchanged). New Zealand gets no mention at all. For the US it is +2.3% and +2.2% for the same two year, both unchanged. For China it is +4.6% and +4.1% (marginally higher). For Japan it is +0.6% and +0.7% (little-changed). Malaysia was noted as a positive mover where their economy is projected to grow at a rate of +4.7% in 2026, benefiting from data center activity and the upturn in the global technology cycle. US mortgage applications fell again last week, especially refinance applications. US crude oil stocksactually rose last week with a modest gain which ended a ten consecutive string of declines. But their strategic oil reserve continued to fall at the same fast pace. The modest US consumer debt expansion recorded to April shrank to nothing in May, an unexpected weakness, and a significant variation from the continued expansion expected. However a one month hesitation occurs occasionally so we will need to wait for the June release to know if this is a significant indicator. The big mover was a sharp fall in credit cards and other revolving debt, also quite unexpected. The minutes of the June Fed meeting were released today, revealing that most officials broadly agreed they would need to raise interest rates if inflation remained elevated this year due to the war in the Middle East, tariffs, or strong demand from the AI-driven investment boom. And that included new boss Kevin Warsh. In Japan, their official sentiment survey of professionals recovered in June after three prior months of downbeat views In Australia, rents are rising faster, especially house rents. The increase was both stronger than seasonal norms and relatively abrupt in some cities, pointing to a step-change in pricing behaviour rather than a gradual tightening in market conditions. In a now somewhat dated update due to the renewed Middle East hot conflict, the New York Fed's global supply chain pressure index eased back in June after its April and May spikes. (Of course, with today's resumption by the US of its bombing of Iran, this is likely to flare up again in July.) The UST 10yr yield is now just on 4.56%, up +8 bps from this time yesterday. The price of gold has fallen to US$4067/oz, down -US$78/oz from yesterday. Silver is now under US$58.50/oz, down -US$2.50 from yesterday. Oil prices are up +US$3 from yesterday at just on US$73.50/bbl in the US, while the international Brent price is now just over US$78/bbl and up +US$4. Hormuz transits have picked up sharply in a rush to get out despite the risks and renewed uncertainties with 35 crude or product tankers exiting over the past 24 hours (8 dark with transponders off) but only 16 entering for new loads (2 dark). Interestingly. All this comes as attacks on ships in transit become daily events, so the rise in oil prices isn't surprising. Red Sea activity near Yemen has fallen again to even lower levels on added risks there too. The Kiwi dollar is up +10 bps from this time yesterday at just over 57 USc. Against the Aussie we are up +30 bps at 82.3 AUc. Against the euro we are up +10 bps at just on 49.9 euro cents. That all means our TWI-5 starts today at just on 60.9 which is up +20 bps from this time yesterday. The bitcoin price starts today at US$62,052 and down -3.1% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/- 2.1%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and because tomorrow is a public holiday in New Zealand, Matariki, we'll do this again on Monday. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

What does it mean to paddle a river your family fought six generations to free? This week marks the one-year anniversary of the historic first descent of the undammed Klamath River by Indigenous youth in the Paddle Tribal Waters program. To honor it, Anna is replaying her conversation on The Discomfort Zone Podcast with Keeya Wiki, a Yurok kayaker who completed that first descent at 17. Keeya also belongs to the Te Aupouri and Ngati Porou tribes of Aotearoa (New Zealand), and her family has fought for generations for the health of the salmon, the river, and their right to fish. This conversation is about joy as resilience, and what happens when the healing of a river becomes the healing of the generations connected to it. If you love rivers and want to understand what dam removal and Indigenous-led restoration mean for the people who fought for it, this one is for you. In this episode, Keeya and Anna explore: What it felt like to paddle the Klamath after generations of advocacy for dam removal How Keeya listens to her body and grounds herself when fear and self-doubt show up The intense underwater moment on the river that tested her self-trust The power of community, mentorship, and representation in outdoor spaces Why the joy Keeya experienced on the river has the power to heal generations Since this conversation, Anna has read The Water Remembers by Amy Bowers Cordalis, Keeya's aunt and the lawyer who played a key role in getting the Klamath dams removed. Amy joins The Discomfort Zone Podcast later this summer, and you may have seen Amy and Keeya together on the Kelly Clarkson Show sharing their family's legacy. Consider this replay the first chapter of that story. Whether you paddle whitewater, care about river restoration, or simply want to hear what courage and joy sound like, listen now and let the Klamath's story move you.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news renewed Hormuz attacks are raising oil prices and interest rates today, not helped by a pullback in tech stocks. But first today, there was another dairy auction overnight, a full one with new season volumes returning. But this one came in sharply lower, down -4.9% on USD terms although only a -2.5% retreat in NZD terms. Among the results, there was a notable -4.4% fall for WMP, a -7.0% fall for SMP, a -5% fall for butter and a large -12.3% fall for cheddar cheese. A few of the minor categories gained. But these falls were larger than the futures market was pricing in, so you have to say they are 'larger than expected'. While the new lower levels aren't that special in a longer perspective, the speed of the falls is concerning and analysts will be re-assessing their payout forecasts. In the US, the RealClearMarkets/TIPP Economic Optimism Index rose in July to a better than expected level but it is still well below the average over the past year and below its long term norm. Meanwhile, American consumer inflation expectations rose when a small dip was anticipated. It is now at 3.7%, its highest since September 2023 and is rising even though expectations for lower petrol prices are included in these results. The weekly private jobs growth monitoring by ADP shows a smaller rise ;last week than they have recorded in the past 15 week, since mid-March in fact. And the trend has been down for seven straight weeks. This is consistent with the easing that the official non-farm payrolls report showed for June. The US Logistics Managers Index rose again in June and to its highest since March 2022, driven by three factors; anticipation of more tariff action from Trump, stockpiling to get ahead of inflation, and an expectation that the end of year retail season will be 'normal'. US exports weakened in May and imports rose in the same time in the broader trade result that includes both goods and services, delivering a sharp rise in their deficit and their highest in over a year. This result matched the recent report of merchandise trade but brings their services trade into the picture. Meanwhile Canada reported rising exports and stable imports to give them a larger trade surplus in May. China said its foreign exchange reserves dipped slightly in June from their unusually high May levels. Part of this was due to the retreat in the gold price. But their central bank continued its gold-buying streak for a 20th month, with reserves reaching 75.44 million troy ounces by June's end, up from 74.96 million in May. China's excavator sales are rebounding, up by more than a third in June from a year ago, driven by major projects. New data out yesterday paints a much improved picture for Japanese household spending in May as households started to get their mojo back. And don't overlook that this was in the middle of the Trump Gulf War uncertainties. The UST 10yr yield is now just on 4.54%, up +6 bps from this time yesterday. The price of gold has slipped to US$4146/oz, down -US$13/oz from yesterday. Silver is now under US$61/oz, down -US$1.50 from yesterday. Oil prices are up +US$2 from yesterday at just under US$70.50/bbl in the US, while the international Brent price is now just on US$74/bbl. Hormuz transits have picked up sharply despite renewed uncertainties with 27 crude or product tankers exiting over the past 24 hours (4 dark with transponders off) but only 18 entering for new loads (4 dark). Interestingly. All this comes as attacks on ships in transit become daily events, so the rise in oil prices isn't surprising. Red Sea activity near Yemen has fallen again to even lower levels on added risks there too. The Kiwi dollar is down -10 bps from this time yesterday at just on 56.9 USc. Against the Aussie we are little-changed at 82 AUc. Against the euro we are also little-changed at just on 49.8 euro cents. That all means our TWI-5 starts today at just on 60.7 which is down -10 bps from this time yesterday. The bitcoin price starts today at US$64,063 and up +0.8% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/- 1.3%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news that now the Hormiz situation is settling down somewhat with oil prices easing, the global economy seems to be responding with a better outlook. First today, the widely-watched US ISM services PMI came in at a good level for June even if slightly softer than for May. Price pressures eased slightly, new business stayed at good levels even if less than for May, but employment was stronger even if it is still the weakest component. This Overall services measure has been at or about this level for seven months now is a relatively settled state. It is much more in positive territory than the S&P Global services PMI for the US. The S&P Global services June PMI for Canada is negative after a fall from May's small (but rare) expansion. Business activity weakened as new orders fell for a second straight month, with firms citing high prices and geopolitical uncertainty as key factors weighing on domestic and foreign demand. Meanwhile, the Bank of Canada's June quarter Business Outlook survey found similar views. Overall business sentiment has deteriorated after improving over the past three quarters. Sales outlooks have softened slightly, but firms' export outlooks have improved. Fewer firms said trade uncertainty and hesitancy among US customers are constraining exports, and more firms reported strong demand for commodity exports. Most firms did not report binding capacity constraints or labour shortages. Meanwhile a companion consumer survey shows inflation expectations are now over 3% there and right at the top of its target range of 1-3%. Singapore reported its May retail sales data overnight and it wasn't positive. Of course, this was during the height of the Middle East uncertainties. In China, a private bank in Wuhan with US$19 bln in assets has collapsed and been taken over by regulators. While it isn't a large institution, others are saying it won't be an isolated event among regional banks. (For comparative reference, the US FDIC has dealt with two US banks in 2026 that have failed.) And according to research by a Japanese consultancy, Chinese banks and tech companies led the world in applications for financial technology patents over the last decade, surpassing the US in a field that supports a wide range of financial services from lending and asset management to cryptocurrencies. They examined fintech-related patent filings in 118 countries and regions in the 10 years through 2025, working with Tokyo-based research firm Patent Result. The total tally reached roughly 120,000, nearly triple the number in the preceding decade. Also for May, the EU posted its producer price data, showing a rising +5.7% level from a year ago and driven by higher energy costs. But they also released May retail sales data and perhaps surprisingly, these rose on a real basis, up a creditable +1.9% from a year ago on a price-adjusted basis. In Australia, the Melbourne Institute survey of inflation expectations eased back slightly to 5.5% after the March spike that was rose again in April. But it has eased from there, and slipped again in June. Wage expectations, by comparison, have remained unchanged for the past seven months. The UST 10yr yield is now just on 4.48%, down -1 bp from this time yesterday.  The price of gold has slipped to US$4158/oz, down -US$15/oz from yesterday. Silver is now under US$62.50/oz, down -50 USc from yesterday. Oil prices are down -50 USc from yesterday at just under US$68.50/bbl in the US, while the international Brent price is now just under US$72/bbl. Hormuz transits have stayed low on renewed uncertainties with just 16 crude or product tankers exiting over the past 24 hours (0 dark with transponders off) but 20 entering for new loads (5 dark). Interestingly, Red Sea activity near Yemen has fallen to similarly low levels on added risks there. The Kiwi dollar is down -10 bps from this time yesterday at just on 57 USc. Against the Aussie we are down -30 bps at 82 AUc. Against the euro we are down -10 bps at just on 49.8 euro cents. That all means our TWI-5 starts today at just on 60.8 which is down -10 bps from this time yesterday. The bitcoin price starts today at US$63,554 and up +1.6% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/- 2.0%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news an OPEC decision overnight may bring lower fuel prices much sooner. But then, this will depend on the volume of Hormuz crossings. But first, this coming week locally will be dominated by the RBNZ's OCR review on Wednesday. Economists are divided on whether an inflation-fighting hike will come, and financial markets are pricing one in at 76%. The split voting at the May 27 review, where the external members all wanted a hike, but the majority internal members didn't, is just as likely to be repeated. ASB is saying that locally, easing oil prices have strengthened our economic outlook and reduced the risk of a prolonged inflation shock. Lower fuel costs and stronger than expected economic momentum have put the recovery back on a firmer footing. In Australia, the data out this week will be mainly about the Melbourne Institute's monthly inflation gauge, and about job ad changes. In the US, their data releases will focus on service sector activity and existing home sales as they, like Europe, start to battle excessively hot conditions. In Japan, the focus will be on defending the yen. They will also release June machine tool order data. China will release June CPI and PPI data this week. Over the weekend, China released their unofficial services PMI and it came in quite positive for June, similar to May. Growth rates for activity and new business remain strong. They recorded the strongest rise in employment since July 2024 and the fastest input cost inflation in over two years. Service sector firms there are optimistic about the immediate future. The overall result was better than the official China services PMI. In Japan, their services PMI returned to growth in June, but cost pressures intensified, but here business confidence remained subdued. Which is in contrast to their quite positive factory PMI. In South Korea we should probably note a very bumpy run recently by their stock market. It is dominated by major technology and semiconductor companies like Samsung Electronics and SK Hynix, so it is like the Nasdaq on steroids. This gives it unusual volatility, and that volatility has been on display in the past two weeks. This market hit a new record high on June 22 but has fallen -11% since. On Friday, it rose +5.8% however but even that still left it down -3% for the week. Over the past year, this equity market has risen a stunning +165% with most of it in 2026 and most of it tech-related. In Vietnam, they posted a high Q2-2026 growth rate of +8.4%, building on their +7.8% Q1-2026 rate. (How can they report so quickly?) But this latest result will disappoint them because they have set a 2026 target of +10% and that now looks unlikely to be achieved, derailed somewhat by the Middle East conflict, also by missing their infrastructure build-out targets. Inflation eased to 4.7% in June from May's 5.6%, moving closer to the government's 4.5% inflation target this year. The World Bank has now reclassified Vietnam as an upper-middle-income economy, effective July 1. The FAO global Food Price Index retreated for a second consecutive month in June, led down by falling cereals prices as harvests stay high, despite concerns in the US and Australia. Dairy prices eased slightly too, but meat prices stayed elevated. However it is vegetable oil prices that are keeping this index from falling faster. In the US, the latest update of the AtlantaFed's GDPNow tracking reveals a sudden turn from high optimism about economic expansion, to a dour outlook. It has been rare that this model has come in lower than 'consensus' forecasts. The UST 10yr yield is now just on 4.49%, unchanged from this time Saturday but a +12 bps rise from this time last week.  The price of gold has risen to US$4174/oz, unchanged from Saturday, up +US$100 from a week ago. Silver is now under US$62.50/oz, unchanged from Saturday too, up +US$3.50/oz for the week. Oil prices are little-changed but slightly firmer from Saturday at just under US$69/bbl in the US, while the international Brent price is still at US$72/bbl. Hormuz transits picked up Friday but then on renewed uncertainties fell back again over the weekend with just 10 crude or product tankers exiting over the past 19 hours (1 dark with transponders off) but 15 entering for new loads (1 dark). Large tankers which are exiting are now choosing to do so in Oman-controlled lanes. And we should probably note attacks on a ships in the Red Sea near Yemen over the weekend, adding another layer of uncertainty. OPEC met over the weekend, and raised output by +188,000 barrels/day. They have Middle East members who need maximum revenues to recover from the conflict. So we may end up awash in oil and sharply lower prices. The Kiwi dollar is unchanged from this time Saturday at just over 57.1 USc, up +70 bps from a week ago. Against the Aussie we are unchanged at 82.3 AUc. Against the euro we are still at just on 49.9 euro cents. That all means our TWI-5 starts today at just on 60.9 which is unchanged from this time Saturday, up +60 bps for the week. The bitcoin price starts today at US$62,563 and up +0.7% from this time Saturday, but up almost +4% from this time last week. Volatility over the past 24 hours has been low at just under +/- 0.8%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news of a surprisingly weak American jobs report for June. There is no World Cup bounce there. And economists are divided over whether Federal Reserve policymakers will be holding rates steady, lifting or lowering them over the next six months based on this latest data. The US economy added just +57,000 jobs in June, the weakest gain in four months and far below expectations of +110,000. Their labour force participation rate dropped sharply to 61.5%, its lowest since early 2021. But seasonal adjustment has a lot to do with these headline results and the actual payroll change isn't anywhere near as weak. However, when you broaden this view to everyone in employment, not just those on a company payroll, things don't look so good. There are now 162.7 mln people in employment in June, down -175,000 from May and down -1.2 mln from June a year ago. In fact, that employed civilian workforce level is their lowest since the end of 2024. US jobless claims rose last week, but only marginally and by about what seasonal factors would have accounted for. There are now 1.76 mln people on these benefits, pressed lower by much tighter entitlement standards, which is consistent with the employment drop. US factory orders fell -1.3% in May and were down -4.5% for durable goods orders. But this needs to be seen in the context of rises in the prior three months, and April was revised higher. From a year ago though, the value of these factory orders were up only +1.8% overall but down -4.3% for durable goods. Given producer price inflation has been high over this period (+6.5%), these are terrible results. And surprising given the factory PMI data, so we should be sceptical of them. But don't forget this data is from agencies with imposed partisan leadership that replaced professional leadership when the President didn't like their earlier data. Meanwhile US vehicle sales rose in June to an annualised rate of 16.5 mln, a rise from May and from June a year ago. So that demand may improve their factory order data for June. The US vehicle market is about half the size of the Chinese equivalent (which currently runs at a 31 mln annualised sales rate). We got all this data today because tomorrow they will be on holiday for their 250th Fourth of July celebrations. It is a milestone worth celebrating but the background economy will likely take the gloss of it for those negatively affected. In China, those huge vehicle sales numbers mask structural problems. Prices have been low to build volume, but few of these manufacturers are profitable. A dramatic shakeout is coming because sales volumes are falling now. And that is already having implications for their steel industry, among others. In Australia, their May exports fell -6.9% from April to be just +3.1% higher than a year ago. Their imports were +2.6% higher than April to be up +13.9% from a year ago. So their merchandise trade balance shrank to -AU$1.7 bln in May, their first deficit since January 2018. They also reported that after hitting AU$7.9 bln in February, their gold exports retreated to just AU$4.5 bln in May. Global container freight rates rose +9% last week to be +61% higher than year-ago levels. This is all about demand for outbound cargo space out of China. Bulk cargo rates fell -2.8% last week to be +72% higher than year-ago levels, although that low base will rise quickly in future weeks. The UST 10yr yield is now just on 4.48%, unchanged from this time yesterday.  The price of gold has risen to US$4106/oz, up a net +US$36/oz from yesterday. Silver is now under US$60.50/oz, up +50 USc from a day ago. Oil prices are up +50 USc from yesterday at just on US$68.50/bbl in the US, while the international Brent price is unchanged at US$71.50/bbl. Hormuz transits have stayed at their lower level after the recent volatility & uncertainties with just 19 crude or product tankers exiting over the past 24 hours (1 dark with transponders off) and 24 entering for new loads (3 dark). Over 84% of vessel movements are related to cargoes headed to China, Russia or are Iran-linked. The Kiwi dollar is up +10 bps from this time yesterday at just over 56.9 USc. Against the Aussie we are unchanged at 82.3 AUc. Against the euro we are down -10 bps at just on 49.8 euro cents. That all means our TWI-5 starts today at just on 60.8 which is up another +10 bps from this time yesterday. The bitcoin price starts today at US$61,635 and up +2.5% from this time yesterday. Volatility over the past 24 hours has again been moderate at just under +/- 2.1%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Monday. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the new US Fed boss says price risks have come down in recent weeks, and repeated his determination to bring inflation back to the 2% target. Interestingly, US benchmark interest rates rose after these comments which tells you something about how they feel about the prospects for lower Fed Funds rates and inflation control. Meanwhile, US mortgage applications were little-changed last week and the 30 year benchmark mortgage rate changed little too. Refi activity was softer. The June job cut data for the US came in at about half the level of May and much less than expected, although layoffs due top AI remained the top reason. Meanwhile, the ADP monthly jobs report came in softer than expected, even if it is still expanding. A rise of +113,000 was expected after the prior month's +124,000. But this marker came in at +98,000. We will get the US non-farm payrolls change data tomorrow and markets expect it to rise +110,000, and down from May's +172,000. Meanwhile the widely-watched ISM factory PMI came in little-changed and moderately positive for June. New orders grew but slower; new export orders fell. Input prices rose again but at a slower pace. Most of this report was quite similar to yesterday's S&P Global US factory PMI. There was another fall last week in US crude inventories although the least in six week, even as the reduction has now cumulated to ten consecutive seeks. US strategic crude reserves are now as low as they had in 1983. Petrol inventories fell as well last week. American petrol prices remain a+28 higher than before the start of the Gulf War. In its aggressive trade relations, the US has told Canada and Mexico it will not renew the existing USMCA trade pact, one Trump himself negotiated and claimed was one of the 'best deals ever'. In fact the US ended up a net loser. Last year, the US had a -US$46 bln trade deficit ⁠in goods with Canada and a -US$197 bln deficit with Mexico. Of course the US has trade surpluses in services with both which they ignore. The existing USMCA will run another six years if it isn't eventually renewed, Factories the world over are expanding, although more than others in some places. The global factory PMI is a positive 53. In Australia it is lagging at 51.5. In New Zealand our last BNZ-BusinessNZ factory PMI came in at 49.9. Locally we are not participating in this global expansion. In China, their manufacturing conditions as measured by the S&P Global/RatingDog factory PMI improved further in June, completing their strongest quarter since 2020. This result was better than the official version but not quite as good as many analysts had expected. Input price inflation slowed to a five-month low while employment rose at its quickest rate since August 2023. Japan's Tankan industrial sentiment indexes have reached their highest level since 2018 in June. They came in at a level that was better than expected for large manufacturers, but a bit more modestly improved for service sector companies. South Korea is becoming Taiwanese, at least as regards its export prowess. Korean exports were up +71% in May from a year ago, to a record US$102 bln for the month. (For reference Taiwan exported US$78.5 bln in May, up +52% from a year ago.) However, their June factory PMI shows their softest rise in new orders in 2026 so far which limited production growth. And price and supply pressures remained pronounced. In Australia, their May building consent data shows that the number of dwelling approved were +5.3% higher than year-ago levels. But they fell -1.1% from April. Private sector house consents rose +2.8%, to the highest level since September 2021. This is the fourth consecutive month with over 10,000 private sector houses approved. This are quite soft for multi-unit dwellings however. And their June real estate market shows more signs of topping out. The Cotality home value index – covering all of Australia – fell -0.4% in June, following a -0.3% decline in May and a -0.1% dip in April. Annual growth slowed to +7.3%. The quarterly decline is the most significant since the 2022-23 price correction. Corrections in Sydney and Melbourne are becoming more pronounced, led by material declines in 'top tier' segments with turnover also down sharply. Momentum is slowing elsewhere but price and turnover growth are still mostly positive. The UST 10yr yield is now just on 4.48%, up another +5 bps from this time yesterday. The price of gold has risen to US$4070/oz, up a net +US$44/oz from yesterday. Silver is now under US$60/oz, up +50 USc from a day ago. Oil prices are down another -US$1.50 from yesterday at just over US$68/bbl in the US, while the international Brent price is down to US$71.50/bbl. Hormuz transits have stayed at their lower level after the recent volatility & uncertainties with just 16 crude or product tankers exiting over the past 24 hours (3 dark with transponders off) and 26 entering for new loads (4 dark). Most exiting vessels are still headed to China. The Kiwi dollar is unchanged from this time yesterday at just under 56.8 USc. Against the Aussie we are up +20 bps at 82.3 AUc. Against the euro we are up +20 bps at just on 49.9 euro cents. That all means our TWI-5 starts today at just on 60.7 which is up another +10 bps from this time yesterday. The bitcoin price starts today at US$60,115 and up +3.1% from this time yesterday and recovering most of yesterday's fall. Volatility over the past 24 hours has again been moderate at just under +/- 2.0%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the Persian Gulf situation is settling into a chronic stalemate after the acute hot conflict. US allies in the region are confused, Qatar's role in negotiations is questioned as to whether it can actually do anything, and Iran and Oman are moving forward with their plans for 'fees' and 'management' of the waterway. The US is getting sidelined. One outcome seems clear however; Chinese EV's are dominating world car sales so demand for crude oil is likely to be much less in the future, and that will limit oil price pressures. But first today, there was another dairy Pulse auction overnight, bringing lower prices again. AMF fell -2.5% from last week's event, butter was down -0.5%, SMP was down a chunky -6.2% and WMP slipped -0.6%. These build on trends we have seen since mid-May and given the rise in global milk production by the main exporters (New Zealand included), it is a trend likely to continue for a while yet. In the US, labour market data for May about job openings was little-changed from April even if it still is near a two year high, which was slightly better than was expected. But the June PMI report for the important Chicago manufacturing hub was quite a bit weaker than for May and what was expected. But it is only back to February levels which isn't bad at all. It was a fall away in new orders that drove the easing. Meanwhile the Dallas Fed's regional services survey became positive - just - for the first time in five months. They reported that selling price pressures increased slightly, while input price and wage pressures grew at a faster pace. The Conference Board sentiment survey barely moved in June from May, which actually was a result that disappointed analysts because a more marked improvement was anticipated. And that was because respondents turned negative about job prospects, with almost a quarter of them unexpectedly saying jobs are 'hard to get', the highest level sine early 2021. And we should perhaps note that the deadly screwworm cattle disease is still spreading in Texas and New Mexico, spreading to other animals too. Even though the number of animals reported as having contracted the disease remains small, the risks to cattle herds in these states in very large. In Canada, the expectation that it was falling into recession has proven not to be the case. Canada's GDP rebounded from a first-quarter contraction to record a +0.5% monthly gain in April making this their largest economic expansion in nine months. Their May estimate points to a further if minor + 0.1% growth. Across the Pacific in Japan, the yen slipped into the 162-per-US dollar range yesterday for the first time in 39 years,and extending a slide that has accelerated in the past few months. A two month intervention effort isn't working, raising fresh questions about what is driving the yen's renewed weakness. China's official PMIs posted some marginal improvements in June, actually very marginal but at least they are not contracting. Their factory PMI is expanding, just. New orders picked up slightly. And their services PMI is now not contracting. But it isn't expanding either. New orders in this version are still negative, but the overall index was bolstered by expectations for improvement and lower lead times. All other more direct elements are negative to some degree. We should note that the unofficial PMIs by S&P Global/RatingDog have tended to be more expansionary in 2026. These unofficial results will come later today (Wednesday) and Friday. German inflation came in at 2.3% in June, down from 2.6% in May, 2.9% in April, and softer than anticipated, mainly because energy prices retreated there. Back in the US, Rocket Lab has agreed to buy Iridium Communications, a pioneer in satellite telephones, in a broadening attempt to compete with Starlink. It combines their launch capabilities and satellite manufacturing with Iridium's network in low-Earth orbit and valuable radio frequencies for satellite communication. Yesterday we reported a +6% rise in May air cargo activity. But today the May air passenger travel data was released showing a declined -2.2% from a year ago, down -3.1% for international travel. The main diver of the pullback was international travel through the Middle East (-28.8%). But it is also worth noting that domestic air travel in China fell (-6.2%) as well as in the US (-1.9%). The UST 10yr yield is now just on 4.43%, up +6 bps from this time yesterday. The price of gold has risen to US$4026/oz, up a net +US$4/oz from yesterday. Silver is now under US$59.50/oz, up +US$1.50 from a day ago. Oil prices are down -US$1.50 from yesterday at just on US$69.50/bbl in the US, while the international Brent price is unchanged at just on US$73/bbl. Hormuz transits have stayed at their lower level after the recent volatility & uncertainties with just 19 crude or product tankers exiting over the past 24 hours (5 dark with transponders off) and 23 entering for new loads (5 dark). Over the past two days, almost 70% of the exiting vessels have been headed to China. The Kiwi dollar is up +30 bps from this time yesterday at just under 56.8 USc. Against the Aussie we are unchanged at 82.1 AUc. Against the euro we are up +20 bps at just on 49.7 euro cents. That all means our TWI-5 starts today at just on 60.6 which is up another +20 bps from this time yesterday. The bitcoin price starts today at US$58.325 and down -3.3% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/- 2.0%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Chris bids a fond farewell to the historic 95bFM campus studio before the big move up to K Rd + plays an all-killer selection of local tracks, with help from Caroline S. The best and freshest of Kiwi music — 100% tunes from Aotearoa New Zealand, thanks to NZ On Air Music!

Kia ora. Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news of new truce agreements in the Middle East, at least as claimed by the US. Iran is conspicuously quiet that there is any agreement however. But at the year's half-way point, economic prospects are generally far from dire. In the US, the next regional Fed factory survey for June is out from the Dallas Fed. That shows little-change. Price pressures were mixed, as selling prices and wages rose faster while input cost pressures held steady. Looking ahead, manufacturers remained optimistic, especially as they are able to recover their cost increases. It is a sign inflation is being tolerated and embedding. Despite that, company bosses say inflation is their top concern. Across the Pacific retail sales in Japan rose +5.3% in May from a year ago, rising from an upwardly revised +2.8% rise in April and higher than the expected +3.2% gain. It was also their strongest growth since November 2023. The strength was broad-based and especially in new car sales. Not driving this increase was fuel costs because they actually fell in the month. In South Korea, a monumental public-private investment announcement. They have announced an "unprecedented" US$520 bln (NZ$920 bln) plan with Samsung Electronics and SK Hynix to expand chipmaking capacity in the country to stay competitive in the global artificial intelligence race. It will feature the construction of new four production facilities, or "fabs" - two by each of the chipmakers. The surge that started in March for Singapore's producer prices has only risen from there, coming in +26.8% higher than year-ago levels. This doesn't include fuel, but it does include chemicals (+29%) and machinery (+31%). Malaysia's producer prices rose +7.8% in May from a year ago, accelerating from a 5.4% growth in the prior month and marking the third straight month of gain. It was also the fastest increase since June 2022, with producer-level cost pressures mounting amid persistent disruptions linked to the Middle East conflict. India's industrial production stayed at an expansion rate of +5.1% in May from a year ago, held back by their mining industry, and no doubt by energy conservation issues. But it is still a fast expansion and higher than the 4.8% rate in May 2025. EU economic sentiment ticked up in June from a low level, mainly because of an improvement in consumer sentiment. But it was not matched by business a similar improvement in business sentiment. Globally, the FAO has been reviewing the outlook for the rural economy. Among many observations, they see China's demand for beef rising sharply so that beef and sheep meat prices will be underpinned. For dairy products, they note that most of the global growth will come from India, but for internal cosumption. Only 7% of global production is expected to be exported, and 70% of that will be by just three countries - the EU, the US and New Zealand. Prices are expected to stay high for exported product. Overall, they see rising rural productivity, especially in advanced countries. And staying global, the latest data for air cargo demand has been released, for May, and that shows a +6% expansion, driven by an +8.0% rise in Asia Pacific international trade, and a +12.9% recovery in trade with North America The UST 10yr yield is now just on 4.37%, unchanged from this time yesterday.  The price of gold has retreated to US$4022/oz, down a net -US$66/oz from yesterday. Silver is now under US$58/oz, down -US$1 from a day ago. Oil prices are up +US$2 from yesterday at just on US$71/bbl in the US, while the international Brent price is now just over US$73/bbl. (Interestingly, while these prices rose, Russian oil prices fell, now down to US$57/bbl ).Hormuz transits have stayed at their lower level after the recent flare up in fighting with just 14 crude or product tankers exiting over the past 24 hours (2 dark with transponders off) but 28 entering for new loads (3 dark). Over the past two days, almost 70% of the exiting vessels were headed to China. The Kiwi dollar is up +10 bps from this time yesterday at just on 56.5 USc. Against the Aussie we are up +30 bps at 821 AUc. Against the euro we are unchanged at just on 49.5 euro cents. That all means our TWI-5 starts today at just on 60.4 which is up +20 bps from this time yesterday. The bitcoin price starts today at US$60,319 and up +1.4% from this time yesterday Volatility over the past 24 hours has been modest at just over +/- 1.4%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

In this episode of Thriving in Intersectionality, Dr. Lola Adeyemo sits down with leadership researcher, executive coach, and bestselling author Dr. Elizabeth Pritchard for a conversation about identity, authenticity, confidence, and what it truly means to lead from the inside out.The conversation begins with an honest reflection on intersectionality itself. Elizabeth shares why she has a complicated relationship with labels and how years of personal growth helped her move beyond defining herself by roles and expectations. Together, she and Dr. Lola explore how our lived experiences—including culture, family, career, adversity, and personal history—shape the leaders we become.Drawing on decades of experience across healthcare, education, neuroscience, and leadership development, Elizabeth explains why so many capable leaders continue to struggle with self-doubt despite their accomplishments. She introduces the BE → DO → HAVE framework, discusses the hidden patterns that keep leaders stuck, and shares practical ways individuals and organizations can build cultures grounded in authenticity, psychological safety, and courageous leadership.Whether you're an emerging leader, an experienced executive, or someone navigating personal and professional growth, this conversation offers practical tools for leading with greater confidence and self-awareness.In This Episode, We Discuss:Why intersectionality is about more than visible identitiesMoving beyond labels and discovering your authentic selfHow childhood experiences and limiting beliefs shape leadershipThe connection between neuroscience, self-awareness, and confidenceWhy capable leaders often struggle with self-doubtThe BE → DO → HAVE framework for authentic leadershipCreating psychologically safe workplaces where people can thriveHow leaders can recognize and interrupt unhelpful behavioral patternsWhy coaching accelerates personal and professional growthPractical ways organizations can build cultures of trust, courage, and belongingAbout the GuestDr. Elizabeth Pritchard is an international keynote speaker, bestselling author, researcher, and Authentic Leadership coach based in Melbourne, Australia. Originally from Aotearoa (New Zealand), she is the Co-Founder and Director of WALT Institute and co-author of The Authentic Leadership Playbook. Her work combines neuroscience, leadership research, and positive psychology to help leaders close the gap between capability and confidence while building healthier, more effective workplace cultures.Learn more about Elizabeth's work, leadership resources, and coaching through the links in the show notes.Reflection QuestionWhat roles or labels have you carried for years—and how might they be shaping the way you lead today?Send us Fan MailSupport the showThank you for listening to Thriving in Intersectionality with Dr. Lola Adeyemo.This podcast explores how identity, lived experience, and leadership intersect in today's workplace and beyond. Through conversations with leaders, founders, educators, entrepreneurs, and changemakers, we uncover stories and insights that help people thrive across the many intersections of their lives.

Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news clashes in the Strait of Hormuz are unstitching the uneasy ceasefire and giving credence to sceptics who saw the 'truce deal' between the US and Iran as superficial and flawed. The US believes its own propaganda, thinking it is negotiating from strength, but no-one else does, least of all Iran. US allies in the region are starting to realise the US will throw them under the bus for its own ends. Tankers (6), bulk cargo vessels (6) and other ships (4) are exiting the region, but most tankers are are heading to China, or in the Russian shadow fleet. Those who need insurance are holding back. But first, this week will feature the usual monthly real estate update releases later in the week, including for building consents. Plus the big end-of-month data dump from the RBNZ. In Australia, the focus will be similar where we will be looking for early signs of housing market reactions from their new Budget settings. Elsewhere there will be important PMI updates from everywhere to give us indicators. In the US, their July 4 public holiday will happen on July 3 this year, so it will be a compressed week of labour market data there culminating in an early release of their June non-farm payrolls report when a +114,000 change is expected. In China, they say artificial intelligence is reshaping the global labour market not by triggering mass layoffs of existing workers but by causing employers to pull back on hirings for new, entry-level positions. China also reported industrial profits are recovering, up +21% in May from a year ago to ¥3.1 tln, and faster than the +18.8% rise for the first five months. The latest result reflects the ongoing AI investment boom and continued policy support for advanced industries despite lingering weakness in parts of the property-related sector. In the EU, an ECB survey revealed that median year-ahead inflation expectations eased to 3.5% in May, the lowest level in three months, down from 4.0% in each of the previous two months which were the highest readings since 2023. Longer-term inflation expectations were steady, at 2.9% for three years ahead. Consumers also expect house prices to rise by 3.6% over the next year, slightly below 3.7% in April. Expectations for mortgage interest rates were unchanged at 4.9%. According to the World Meteorological Organization they are saying the severe heat dome over Europe is expected to continue affecting much of Western, Central, and Southern Europe over the next two weeks. There are likely to be economic impacts soon, and as the summer progresses these impacts may well affect economic activity in a material way. And the Bank of International Settlements said over the weekend global pressures from rising public debt to financial fragilities, and questions about the sustainability of ​the AI boom, are increasing systemic financial risks which they suspect could end in a bust. They warned of a complex mix of vulnerabilities, including strained fiscal positions, lingering supply shocks and the risk of a renewed bout of high and sticky inflation. In the US their merchandise trade balance worsened in May. Imports rose +3.6% while exports fell -5.4%. These were much larger shifts than were anticipated. Clearly tariffs aren't working other than making imports more expensive and hurting exports. The net result was a -US$103.5 bln deficit for May, the largest in a year. And their largest May deficit ever. And we should also note that US inventories are rising and quite quickly. In May, wholesale inventories were up +4.4% from a year ago, retail inventories up +3.1%. The stockpiling we noted in their PMI activity is adding deadweight to their logistics systems The University of Michigan Consumer Sentiment index was revised up to 49.5 in June, although that was less of a revision higher than expected. Still, sentiment improved from May which was the lowest level on record, supported in part by a moderation in petrol prices. And that is despite the fact they remain +31% higher than at the start of Trump's failed Iran adventure. But this didn't stop shoppers at Amazon's 'Prime Day' four-day shopping event. Prime Day 2026 was exclusively for Prime members and ran June 23-26. The wrap-up shows more than US$26 bln was spent in the period, up +9.3% from last year, and expected to be half related to inflation, half a volume gain. And in Australia, it seems that last week's auction results will show that they had their softest sales period in more than five years with many properties failing to sell. Also unfolding is the scale of mortgage fraud against banks by a surprisingly wide section of their mortgage broker community. To defend themselves, the banks are drawing up a black-list register so that brokers just don't go shopping around for vulnerabilities. The UST 10yr yield is now just on 4.37%, unchanged from this time Saturday, down -12 bps for the week.  The price of gold has risen to US$4089/oz, up a net +US$15/oz from Saturday. That is down -US$66/oz from a week ago. Silver is now under US$59/oz, down -US$5.50 for the week. Oil prices are little-changed from Saturday at just on US$69/bbl in the US, while the international Brent price is now just on US$72/bbl. A week ago these prices were US$77.50 and US$80.50 respectively. Hormuz transits have eased off noticeably after the recent flare up in fighting with just 16 crude or product tankers exiting over the past 24 hours (1 dark with transponders off) but 24 entering for new loads (3 dark). Over the past two days, more than two thirds of the exiting vessels were headed to China, 9% were Russian-linked, 5% headed for Singapore 4% to South Korea. There are still hundreds (459) yet to try their luck, no doubt inhibited by insurance issues. The Kiwi dollar is unchanged from this time Saturday at just on 56.4 USc, down -100 bps from a week ago. Against the Aussie we are holding at 81.8 AUc. Against the euro we are also unchanged at just on 49.5 euro cents. That all means our TWI-5 starts today at just on 60.3 which is down -110 bps for the week, and still its lowest since the GFC in 2009. The bitcoin price starts today at US$59,497 and down -0.5% from this time Saturday, and down -5.1% from this time last week Volatility over the past 24 hours has been low at just over +/- 0.9%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia Ora Powtearoa ListenersThe Capital Shield has happened. 96 coaches! 96!! By far the largest tournament ever to take place in Aotearoa New Zealand. And our own Welshy and Trickey were there.So, in this episode, we hear from Trickey. What was his team, who did he play, what did he drink? we find out it all. And to help get Trickey to tell us the details we have drafted in the TO and all round friend of the show Mushoomy! He will also be with us to tell the tale of this amazing event.So, strap in for a longer than usual episode as we celebrate the Capital Shiel NZ Major 2026.Colonel O'Truth's YouTube channel can be found here - https://www.youtube.com/@ColonelOTruthMiniatureIssues He built the stadium that was used as top table.If you are not already on discord, come and join us on the NZBB Discord server here - https://tinyurl.com/joinNZBBC and please visit the NZ Blood Bowl Community FB page here - https://www.facebook.com/groups/NZBBC/ If you are not already on discord, come and join us on the NZBB Discord server here - https://tinyurl.com/joinNZBBC and please visit the NZ Blood Bowl Community FB page here - https://www.facebook.com/groups/NZBBC/ Intro music adapted from Bensound.com. Cheers Bensound. Hosted on Acast. See acast.com/privacy for more information.

Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news more vessels are moving out of the Strait of Hormuz, but 'incidents' are generating nervousness in a fragile situation. First, US PCE inflation rose to 4.1% in May and as expected, a rise from 3.8% in April. Core PCE inflation rose too, also as expected and is now at 3.4%. Meanwhile both personal income and personal spending rose at essentially the same pace. More generally, it is not only the Gulf war impacts driving inflation. AI is pushing companies to raise prices to cover its 'investment'. For example, Macbooks and iPads are up +20% on this 'recovery' push. May durable goods orders in the US fell sharply from April, but recall that April was relatively strong. But from a year ago they are also lower, down -4.4%. Capital goods orders dived -21.5% in May from a year ago largely on very weak aircraft orders. US initial jobless claims fell slightly more than expected last week and more than seasonal factors would have indicated. There are now 1.73 mln people on these benefits, lower than year-ago levels. But much tighter requirements are preventing many from claiming this or other social safety net options. The Chicago Fed's national activity index slipped lower in May after the somewhat unusual improvement in April. That means it has decreased in eight of the past twelve months, and was flat in another one. However the Kansas City Fed factory survey was much more positive in that region in its June edition, delivering one of its most upbeat results since the post-pandemic recovery. Global container freight rates rose another +5% last week to extend its rising trend that started in early May by adding +82% in that period. From a year ago it is up only +40%. Driving this latest rise are outbound rate from China to the US West Coast. Bulk cargo freight rates were little-changed this week however, remaining +60% higher than year-ago levels. The UST 10yr yield is now just on 4.39%, down -1 bp from this time yesterday.  The price of gold has risen back to US$4032/oz, up a net +US$54/oz from yesterday. Silver is just on US$58/oz, up +US$1.50 from yesterday. Oil prices are up +US$1 from yesterday at just on US$71.50/bbl in the US, while the international Brent price is now just on US$75/bbl. Hormuz transits have picked up with 41 crude or product tankers exiting over the past 24 hours (3 dark with transponders off) and 21 entering for new loads (3 dark). There are still hundreds yet to try their luck, no doubt inhibited by insurance issues. And overnight one ship was hit by live-fire after an Iran warning and this incident saw the oil price rise. The Kiwi dollar is up +10 bps from this time yesterday at just on 56.5 USc. Against the Aussie we are down -20 bps at 81.7 AUc. Against the euro we are unchanged at just on 49.7 euro cents. That all means our TWI-5 starts today at just on 60.4 which is unchanged from yesterday, and still near its lowest since the GFC in 2009. The bitcoin price starts today at US$59,377 and essentially unchanged from this time yesterday. Volatility over the past 24 hours has again been high at just over +/- 3.1%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Monday. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news of falls in many metrics across the board today, highlighted by commodity prices, crypto and interest rates. Equities are lower too. But the USD is rising on risk-aversion. There is now international agreement to open the Strait of Hormuz ("without tolls") and that is expected to see a rush of hundreds of ships and cargoes on the move, flooding refiners with product just as indications are that demand is weakening. Urea prices are now back below pre-war levels although sulphur prices are remaining unusually high. (Key Chinese sulphur inventories are currently at a decade low.) But first in the US, mortgage applications were little-changed last week as were mortgage interest rates, when refi activity firmed but new purchase activity eased. And that is consistent with new home sales in the US that fell away in May to levels they had in the late stages of the pandemic in 2022. This was surprise because they were expected to rise from April's level. There was also a surprise bigger-than-expected fall in US crude oil stocks last week, extending the outsized trend to nine straight weeks. Again, this is the longest streak of weakness since the post-pandemic 2021-2022 period. Petrol stocks rose however, suggesting much lower demand is the new trend. There was a well-supported US Treasury 5yr bond auction earlier today and the median yield came in at 4.14% (4.20% high), little changed from the 4.12% median at the prior equivalent event a month ago. Across the Pacific, Taiwanese industrial production was up +11.8% in May from a year ago, easing from an upwardly revised 14.9% rise in April. But this was their slowest expansion since January 2025 even if it was a new all-time record high in value terms. Going the other way, Taiwanese retail sales are still rising fast, up +4.9% in May to extend their about +5% growth rate to four consecutive months. Clearly their stellar economic expansion is spilling into the wider consumer community. In Japan, the minutes of the last central bank meeting show its decisionmakers view it appropriate to continue raising its policy interest rate, as underlying inflation has been moving toward the 2% target while financial conditions have remained accommodative. They say that if the economy and prices evolve in line with the Bank's outlook, further rate hikes would become warranted. Some argued Japan's policy rate remains below the estimated neutral interest rate, seen at around 2%, and should be brought closer to that level. It is currently at 1%. In China, their important grain harvest season is well underway with record output and high yields. This is expected to keep Chinese import demand on the lowish side. In Australia, a +6.5% rise in housing costs (mainly from a +21% jump in electricity costs) drove their May CPI 4.0% inflation rate, not fuel or food. But that was lower than the expected 4.4% rate and in fact a four month low. The overall trimmed mean was up 3.6% however, a rise from April. So their underlying inflation trend is still firming. The UST 10yr yield is now just on 4.40%, down another -6 bps from this time yesterday.  The price of gold has fallen to US$3978/oz, down a net -US$152/oz from yesterday. Silver is just under US$56.50/oz, down a huge -US$5.50 from yesterday (-9%). Oil prices are down -US$2.50 from yesterday at just on US$70.50/bbl in the US, while the international Brent price is -US$3 lower and now just on US$74/bbl. Hormuz transits have stayed modest with 13 crude or product tankers exiting over the past 24 hours (1 dark with transponders off) and 12 entering for new loads (2 dark). This is expected to change soon. The Kiwi dollar is down another -30 bps from this time yesterday at just on 56.4 USc and a seven month low. Against the Aussie we are down -10 bps at 81.9 AUc. Against the euro we are also down -10 bps at just on 49.7 euro cents. That all means our TWI-5 starts today at just under 60.4 which is down another -20 bps from yesterday, and still near its lowest since the GFC in 2009. The bitcoin price starts today at US$59,403 and down a sharp -4.9% from this time yesterday. Volatility over the past 24 hours has been high at just over +/- 3.1%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

In this episode, Michael Rhodes claims the gospel is inherently political, and "the Lord reigns" was never just a private comfort but a statement about who actually runs the world. We name the two instincts that keep so many of us stuck: retreating into a safe bubble or chasing the halls of power, and why a more holistic approach is necessary. And we get practical: city council meetings, speed bumps, a libertarian business owner whose whole politics quietly rearranged once he started hiring single moms. In a moment when faith and politics have collapsed into the culture war, this feels like a third way, or a faithful way - a politics you can practice this week, on your own street, as a small taste of the beauty of the Kingdom of God.Michael J. Rhodes (PhD, Trinity College / University of Aberdeen) is lecturer in Old Testament at Carey Baptist College in Aotearoa New Zealand. He is the author of several books, including Reimagining Biblical Politics, Just Discipleship, Formative Feasting,and Practicing the King's Economy (with Robby Holt and Brian Fikkert). Rhodes (an ordained EPC pastor) and his family currently live in South Auckland, where they are part of an intentional community engaged in Christian community development.Michael's Book:Reimagining Biblical PoliticsConnect with Joshua: jjohnson@shiftingculturepodcast.comGo to www.shiftingculturepodcast.com to interact and donate. Every donation helps to produce more podcasts for you to enjoy.Follow on Facebook, Instagram, Twitter, Threads, Bluesky or YouTubeSupport the podcast and the ministry that my wife and I do around the world. Just click on the support the show link below Support the show

Fifty years ago this week, Aotearoa New Zealand was hit by a snowstorm for the ages.

Aotearoa/New Zealand's longest-running citizen science project is about to kick off again.

Asher and Sofie are back in the studio covering this week's Freak the Sheep! The best and freshest of Kiwi music — 100% tunes from Aotearoa New Zealand, thanks to NZ On Air!

Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news markets are betting that the next rate move by the US Fed will be a hike. And that has juiced up the USD today. But first, the overnight dairy Pulse auction brought sharply lower prices for the three lines offered. AMF took a -7.5% tumble from last week's full auction event. They didn't release the butter price this time. SMP fell -4.5% from last week and WMP fell -1.9%. But given the retreat of the NZD at the same time (-2.8%) the impact in local currency will be much less. In the US, there was another good weekly jobs indicator from ADP for private payrolls, rising about what was expected. And the flash US factory PMI for June shows solid growth, in fact its best in 4 years, but it also signals lower employment and elevated price inflation, so a mixed bag. The fall in factory jobs was the fastest since the pandemic. New order growth was good but the hikes in input prices are still next-level. Their service sector rose too but much more modestly and new order growth was tame, But none of this showed up in the Richmond Fed's factory survey. While it did expand it was very modest and well below its May level and what was expected. They had the same lack-luster result in their service sector. There was a well-supported US Treasury 2 year bond auction overnight, delivering a median yield of 4.14% (high 4.19%) which was well above the 4.02% median at the same event a month ago. The Chicago Fed boss said yesterday the US inflation is too high and "going the wrong way". (He is presently an alternate FOMC member, but he will be a full member in 2027.) Across the Pacific, Japan's factories are expanding solidly and faster. They recorded a stronger rise in business activity in June, but rate of cost inflation has hit a four-year high. New orders rose their fastest since 2022. Singapore is managing to navigate the current global inflation pressures well. They recorded an inflation rate that held steady at 1.8% in May, unchanged for a third consecutive month and below market expectations of 2%. In India, their flash June PMI's remained elevated and very expansionary, in both their factory and services sectors. New orders rose at a good pace, but input cost pressures eased, rising at a five month low. In Taiwan, we are so used to reporting spectacular results but they no longer seem out of the ordinary. But in fact they remain extraordinary. Their May export orders were up +47% from a year ago to almost a new record high. In Europe, their factory PMI is still expanding in June, but less so. Inflationary pressures show signs of softening there. Holding them back is their services sector. The latest flash PMI for Australia shows that business activity nears stabilisation in June as the service sector improved in Australia, but new orders continue to fall, including for new export orders. And staying in Australia, their latest quarterly update for rural commodities notes that the gross value of agricultural production is forecast to fall by -5% to AU $98.3 bln in the 2026–27 upcoming year. They expect "average broadacre farm business profit" to fall by -70%, driven by lower revenue and higher input prices. The UST 10yr yield is now just on 4.46%, down -5 bps from this time yesterday. The price of gold has fallen to US$4130/oz, down a net -US$50/oz from yesterday. Silver is just under US$62/oz, down -US$3.50 from yesterday. Oil prices are down -50 USc from yesterday at just on US$73/bbl in the US, while the international Brent price is now just on US$77/bbl. Hormuz transits are staying modest up with 16 crude or product tankers exiting over the past 24 hours (7 dark with transponders off) and 20 entering for new loads (2 dark). The Kiwi dollar is down another -40 bps from this time yesterday at just on 56.7 USc and a seven month low. Against the Aussie we are up +40 bps and back at 82 AUc. Against the euro we are down -20 bps at just on 49.8 euro cents. That all means our TWI-5 starts today at just over 60.6 which is down another -30 bps from yesterday, and near its lowest since the GFC in 2009. The bitcoin price starts today at US$63,388 and up +0.4% from this time yesterday. Volatility over the past 24 hours has been modest at just over +/- 1.8%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news the Swiss talks between the US and Iran seem to have made progress overnight, from Iran's point of view at least. The fighting in Lebanon has abated. Oil prices have fallen following the 60 days peace deal roadmap is still in place. To keep the momentum, the US Treasury Department has agreed it will not enforce their sanctions on the production, delivery and the sale of Iranian oil - for at least these 60 days. But of course, Iran has been selling oil before and after these sanctions, although it just got easier for them. Having noted that news, ship traffic in the Strait of Hormuz has in fact changed little so far. Over 400 ships are waiting for confirmed safety before their owners will move them. And in turn, they are waiting for insurers to price their cover at more normal terms. In the US, the Fed is actively assessing how its global dominance in financial markets can be enhanced by linking US Treasuries to USD stablecoins. And staying in the US, we should probably note that Alan Greenspan, who led the US Fed from 1987 to 2006, has died, aged 100. His legacy is controversial, being the originator of "whatever it takes" (The Greenspan put), and which many say led to the ensuing real estate bubbles worldwide. Canada's May CPIcame in at 3.2%, higher than expected and the most since December 2023. Driving the rise was fuel costs of course. On a core basis this inflation is running at 2.2%, about what was expected and only marginally different o April's level. The Chinese central bank has kept its key lending rates (Loan Prime Rates) at record lows for a 13th straight month in its June review. Chinese economic momentum has recently sputtered, delivering mixed economic data, so this cautious no-change was widely expected. Meanwhile China's foreign direct investment indicates significant struggles in attracting and keeping investors from outside the country. On a year-to-date basis, FDI fell -8.3% in yuan terms, down -3.1% in USD terms. But the May activity is much weaker coming it at just a third of year-ago levels and the net was a very minor +US$6.3 bln this year. So far in 2026, these levels are the weakest in at least ten years, probably longer, continuing a trend that is off its 2022 peak. They often talk about 'opening up' but for the past three years they have been shunned and those initiatives are failing. In Europe, consumer sentiment has recovered some in June after their deeply negative fall in May. But it is only a minor recovery and remains deeply negative. In Australia, their housing market is slowing noticeability. This past week and weekend their auction clearance rate fell below 50% and to its lowest in six years. In Brisbane it got as low as 33%. In Sydney it was 47.4%. In Melbourne it was 50.6%. Prices are in a falling trend too. And in spite from the full-court press vested business interests have made against recent Canberra budget moves that affect housing, it looks like voters approve. The UST 10yr yield is now just on 4.51%, up +2 bps from this time yesterday. The price of gold has held at US$4180/oz, up a net +US$25/oz from yesterday. Silver is at US$65.50/oz, up +50 USc from yesterday. Oil prices are down -US$4 from yesterday at just under US$73.50/bbl in the US, while the international Brent price is now just on US$77.50/bbl. Hormuz transits are staying modest up with 10 crude or product tankers exiting over the past 24 hours (3 dark with transponders off) and 10 entering for new loads (2 dark). Most are ships heading for China and India. (Normal is 60 in each direction.) The Kiwi dollar is down -30 bps from this time yesterday at just on 57.1 USc. Against the Aussie we are also down -30 bps at 81.6 AUc. Against the euro we are staying lower at just on 50 euro cents. That all means our TWI-5 starts today at just over 60.9 which is down -30 bps from yesterday, and the lowest since November 2025 The bitcoin price starts today at US$63,388 and up +0.4% from this time yesterday. Volatility over the past 24 hours has been moderate at just over +/- 1.8%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news the coming week will be largely about the Strait of Hormuz and whether the US-Iran agreements will hold and traffic resumes at scale. But we start the week with a pessimistic outlook. Iran says it has closed the Strait (again) and it will remain closed until the US honours its commitment to get Israel to stop invading Lebanon. The US seems unable to do that and responded with threats. Talks in Geneva sputter along and it is hard to know if they are meaningful. And that likely means ship traffic in the Strait will be tolled by Iran when things settle, as they eventually will. Away from all that, the local data will focus on May's mortgage and credit card lending. In Australia we will get important updates for CPI inflation (4.3%), jobs growth (+30,000), and household spending (+4.1%). In China, their central bank is widely expected to keep its one-year and five-year loan prime rates unchanged in its June review. They will also release FDI data (likely at least -10% lower from a year ago). Taiwan will update its eye-catching export order data, expected to rise to +50% in May from a year ago. There will be many early June PMI indicators coming out this week including from the US (expect stable or easing). But the big US data will be their PCE inflation report where analysts expect them to report a May level close to 4%. Canada will report its CPI and that is expected to come in at 2.9% but with core readings a bit lower. Over the weekend they reported retail sales rose in April to be +3.7% higher than year-ago levels but unchanged in volume terms. Their May retail sales indicator rose a bit more, but this too may be all about fuel prices more than volume gains. Staying in Canada, their banking prudential regulator lowered its capital buffers over the weekend with the express intent of allowing their banks to lend more to businesses "in support of Canada's economic adaptation to new opportunities": Across the Pacific, Malaysia said it's exports rose a startling +45% in May and far better than the outsized +35% expected - and easily an all-time record high. This is all driven by electronic goods (+71%) although LNG exports were very strong too (+112%). Their traditional rural exports (palm oil, natural rubber) took a hammering however. Meanwhile Malaysia reported May CPI as up just +2.0% in May from a year ago with food prices up just +1.2%. Germany said its May producer prices rose +2.2% from a year ago, the most since June 2023 when most of that intervening prior saw declines. And in Europe generally, they are suffering extreme heat, early in their summer, with temperatures 40o plus in many places. It will be a long summer for them. The UST 10yr yield is now just on 4.49%, unchanged from this time Saturday, up a net +1 bps for the week.  The price of gold has held at US$4152/oz, down a net -US$66/oz for the week. Silver is at US$65/oz, down -US$3 for the week. Oil prices are holding from Saturday at just under US$77.50/bbl in the US, while the international Brent price is now just over US$80.50/bbl. A week ago these prices were US$84.50 and US$87/bbl respectively. Hormuz transits are picking up with 15 crude or product tankers exiting over the past 24 hours (3 dark with transponders off) and 17 entering for new loads (8 dark). (Normal is 60 in each direction.) Australia said it has extended their fuel excise tax relief until the end of July. The Kiwi dollar is unchanged from this time Saturday at just on 57.4 USc to make it a full -100 bps lower than a week ago. Against the Aussie we are little-changed at 81.9 AUc. Against the euro we are staying lower at just on 50 euro cents. That all means our TWI-5 starts today at just under 61.2 which is unchanged from Saturday, down -80 bps for the week. The bitcoin price starts today at US$63,124 and up +1.8% from this time Saturday. Volatility over the past 24 hours has been low at just over +/- 0.6%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Nicola Toki and Emile discuss this week's critter of the week, which this week is the frilled shark. The frilled shark is classified as At Risk - Naturally Uncommon in Aotearoa New Zealand. It's a deep-sea specialist that turns up only occasionally in trawl bycatch, but its fossil ancestors once swam in shallow seas around the Chathams 66 million years ago. Instead of a swim bladder, the frilled shark floats using a giant oil-filled liver - basically a built-in deep-sea buoyancy tank! They also announce and celebrate the New Zealand Fungus of the Year winner!

"Who is Aotearoa New Zealand's greatest ever Olympian?" It's the kind of question that - at least before the smartphone - you could spend hours arguing about down the pub. Our guest on NZ Sport History today is sports journalist Joseph Romano. He's been to every Olympics since the 1980s so he's better placed than most of us to come up with an answer. His latest book - "NZ's Top Olympians" - charts our Olympic History. He chats to Jesse.

The red meat sector is a cornerstone of Aotearoa New Zealand. Beef + Lamb New Zealand (B+LNZ) and Meat Industry Association (MIA) have just released new research that offers a robust, evidence-based assessment of the economic and social contribution of the sector, including production, processing and exporting. It is the first full measure of the sector's economic and social contribution since 2020. Project Lead Connor McIndoe from Business and Economic Research (BERL) joins us to make sense of it all. Read the full report here: Research shows New Zealand's red meat sector drives nearly $50 billion in annual spending across the economy.  

In this episode of the Elevate Podcast, Andrew Eagles, CEO of the New Zealand Green Building Council, joins the conversation to unpack how healthier, more energy-efficient homes can create major financial advantages for both developers and homeowners. From lower-interest development finance to green mortgage offers, Andrew explains how Homestar certification is helping builders access funding benefits while delivering warmer, drier, and more comfortable homes. Andrew shares practical insights into the Homestar process, common misconceptions around cost, and why many developments can achieve certification with only minor design changes. He also discusses the future of building standards in New Zealand, the growing influence of global green finance, and why energy performance ratings are likely to become a key part of every home sale. Packed with real-world examples, this episode is essential listening for builders, developers, and anyone interested in the future of residential construction in Aotearoa New Zealand.Useful links:The New Zealand Green Building Council (NZGBC) Homestar™Free Homestar Design GuideInfometrics researchWhere else you can find usWebsite: https://www.masterbuilder.org.nz/Elevate Platform: http://elevate.masterbuilder.org.nzInstagram: https://www.instagram.com/masterbuildernz/Facebook: https://www.facebook.com/registeredmasterbuildersYouTube: https://www.youtube.com/channel/UCmh_9vl0pFf0zSB6N7RrVeg

India's Prime Minister Narendra Modi is expected to visit Aotearoa New Zealand later this year. The expected visit follows the signing of the trade agreement between India and New Zealand last month. However, Prime Minister Modi is a controversial figure in Indian politics, largely for his religiously divisive policy and anti-Muslim speeches. Wire Host Caeden spoke to Sapna Samant, GP, storyteller, and activist, who is critical of Indian Prime Minister Modi and his supporters in the diaspora, about his expected visit.

Maddie Ballard (she/her) is a writer of mixed Chinese heritage from Aotearoa New Zealand. Her debut essay collection was published as Bound: A Memoir of Making and Remaking (The Emma Press, 2024) in the UK and Patchwork: A Sewist's Diary (Tin House, 2025) in the US. She co-edits Starling, a literary journal for emerging New Zealand writers, and writes a sporadic Substack. She currently lives in Melbourne. In Patchwork, a charming and evocative sewist's diary, Maddie Ballard explores the making (and sometimes remaking) of seventeen specific garments over a period of great change in her life—from a jacket lined with the embroidered Cantonese names of her female ancestors, to a dressing gown made as a gift for a dear friend, to an eco-friendly, zero-waste dress. As the wardrobe grows, so too does Maddie. From her first off-kilter dresses and coats to perfectly fitting pants, readers follow along as she learns to navigate the world around her and how she sees herself in it—both as she is and as she hopes to be. Stitch by stitch, word by word, Maddie drafts her own patterns for ways of living. Throughout the diary, delightful illustrations bring Maddie's creations to life on the page. With a focus on the practical comfort and pleasure provided by sewing in a time of personal renewal, Patchwork: A Sewist's Diary is a warmhearted celebration of the value of craft in the modern age. This episode of Sew Organised Style podcast for SewOver50 was both video and audio produced by Maria Theoharous in her sewing room. With permission of Maddie. Sound by Kaneef on Youtube Many thanks for the ongoing monthly support of the podcast's Patreon contributors. Their paid Patreon membership enables me to create these video and audio podcasts for free. You can find Sew Organised Style podcast, spelt with an s not a z, on Apple Podcasts, Spotify, Amazon Music, YouTube, or wherever you get your podcasts And yes. If you live in Australia and decide to purchase your own Mimiquin custpm dressform, I'll be your body scanner for Mimiquins UK. Tag your makes using @sharesewover50 to be able to find your makes in chronological order on Instagram. I look forward to joining you in your sewing room next time. Stay safe everyone. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

To honor ICOM's 80th anniversary and the 2026 International Museum Day, Girl Museum's Head Girl Ashley E Remer speaks with Aotearoa New Zealand museum leader Liz Cotton about this year's theme-- 'Museums Uniting a Divided World'. Join us for a great conversation about our work in museums and how we approach the aspirations of IMD themes.Bio: Elizabeth (Liz) Cotton is an experienced museum and gallery sector leader based in Auckland with over 25 years of experience fostering community relationships and enhancing visitor experiences in cultural institutions. She has held senior roles including Director of Museum Experience at MOTAT and Director Museum & Arts at Te Whare Taonga o Waikato, where she led significant visitor experience transformations and team development. She prioritizes building strong relationships with mana whenua, iwi, councils, and funders, integrating Te Tiriti principles throughout her work.Check out the Museum of Technology and Transport (MOTAT).And ICOM NZ.

David Hill reviews Out of the Blue: Essays on Artists from Aotearoa New Zealand 1985-2021 by Christina Barton, published by Te Herenga Waka University Press.

An expert in traditional Maori weaving says the return of a centuries-old cloak to Aotearoa New Zealand has brought surprise, intrigue, and a closeness to her ancestors. Erin Johnson reports.

For the first time in almost 15 years there are more business deaths than births here in Aotearoa New Zealand. And of those business failures, the vast majority are solo business operators. We know a lot of you listening run your own businesses, so do let us know if this conversation resonates. In a new research paper "Built on Assumptions" our next guest argues that with more support these businesses could be thriving instead of failing. Sarah Davies from Sweet Spot business coaching talks to Jesse.  [picture id="4K68AJT_Sarah_Davies2_jpg" crop="16x10" layout="full"]

The U.S. Department of the Interior has announced a new task force aimed at addressing violent crime in tribal communities. The Indian Country Violent Crime Task Force was announced May 5, which is also Missing and Murdered Indigenous Peoples Awareness Day. Officials say the initiative is designed to strengthen law enforcement coordination and protect families across Indian Country. The effort will be led by the Bureau of Indian Affairs Office of Justice Services and will work with federal, tribal, and state partners to expand investigations, deploy mobile enforcement teams, and target drug trafficking and crimes against children. Interior Secretary Doug Burgum says the initiative takes what he calls a “zero-tolerance approach to violent crime” and is focused on protecting tribal communities. Assistant Secretary for Indian Affairs Billy Kirkland says the effort is also about strengthening coordination and accountability. In a statement, he says working closely with tribal communities will help improve public safety outcomes and prevent future crime. Officials say the task force will focus on solving missing persons and homicide cases, while using data to identify high-crime areas and direct resources where they are needed most. The initiative builds on earlier federal efforts, including Operation Lady Justice and the Bureau of Indian Affairs Missing and Murdered Unit, as concerns about public safety in Indian Country continue. Keystone Pipeline in Canada. (Courtesy TransCanada) A 650-mile crude oil pipeline through eastern Montana and Wyoming just cleared another hurdle on the way to construction. Montana Public Radio's Ellis Juhlin reports, President Donald Trump issued a cross-border permit for the Bridger Pipeline Expansion Project Thursday. The pipeline would move no less than half a million gallons of crude tar sands oil from Canada into the U.S. daily. Its proposed path covers some of the same area as the controversial Keystone XL Pipeline, which was terminated under President Joe Biden. The Bridger Pipeline would cross major rivers including the Missouri and the Yellowstone, prompting fears about the potential for contamination of water sources. It could also run through the Fort Peck Indian Reservation and the Assiniboine and Sioux Tribes. Tribal nations were not consulted as part of Trump's permitting decision and say a pipeline in this area could violate treaty rights. Jenny Harbine, a lawyer with the nonprofit firm EarthJustice, says pipelines like these are known to break. “Crude oil spills are extraordinarily time, consumptive and costly to clean up, and I don’t know that our local communities in Montana or our regulators are prepared for that kind of devastation.” The proposal must still go through several permitting processes at the state and federal level before construction could begin, but the pipeline is fast-tracked, and supported by Republican lawmakers in Montana. Construction could begin as early as next summer. Diehtosiida, a Sámi knowledge centre in Guovdageaidnu/Kautokeino, Norway, where the 2026 Journalism Excellence Awards ceremony will take place in September. (Photo: Illustratedjc via Wikimedia) The World Indigenous Broadcasters Network (WIBN) has announced the finalists for its 2026 Journalism Excellence Award, highlighting top Indigenous reporting from around the world. Six journalists were selected from an international field, representing media organizations in Aotearoa New Zealand, Australia, Taiwan, Sápmi, and Canada. The award recognizes excellence in storytelling, cultural integrity, and public accountability in Indigenous journalism. Entries were reviewed by an independent panel of Indigenous media leaders, who evaluated work based on reporting quality, innovation, and impact. WIBN Chair Shane Taurima says this year's finalists reflect the strength of Indigenous journalism globally, with reporting grounded in community voices and focused on issues that matter most. The winner will be announced at the WIBN Conference in Sápmi, Norway in September. Get National Native News delivered to your inbox daily. Sign up for our daily newsletter today. Download our NV1 Android or iOs App for breaking news alerts. Check out today’s Native America Calling episode Wednesday, May 6, 2026 – Tribes try to stay ahead of prediction markets on sports betting

A meteorite about the size of your fist goes on display today at the Tuhura Otago Museum. The rock - which is well over 100 years old - is one of just 10 discovered in Aotearoa New Zealand, and the first fresh discovery in over 20 years. Tuhura Museum Natural Sciences curator Kane Fleury joins Jesse.

A to Z of Aotearoa is our regular segment where we choose topics that represent an iconic person, place or thing. This week we've arrived at 'S', and our focus is the now internationally recognised symbol of New Zealand, the Silver Fern. Jesse chats to Leon Perrie, curator of botany at Te Papa and co-author of the 'Identification Guide to the Ferns and Lycophytes of Aotearoa New Zealand' and designer Ben Clark (Ben is the son of Dave Clark, the designer of the first official All Blacks logo).

Questions to Ministers Hon BARBARA EDMONDS to the Minister of Finance: Does she stand by all her statements and actions? NANCY LU to the Minister for Infrastructure: What recent announcements has he made about strengthening New Zealand's infrastructure system? RICARDO MENÉNDEZ MARCH to the Minister of Immigration: Do migrant bus drivers deserve clear, practical pathways to residency; if so, will she review the requirements for the Work to Residence pathway for bus drivers so that they can remain in the country? Hon WILLIE JACKSON to the Minister for Maori Crown Relations: Te Arawhiti: Does he believe that the review of references to the principles of the Treaty of Waitangi will improve Maori-Crown relations; if so, how? HANA-RAWHITI MAIPI-CLARKE to the Minister of Education: What assurances, if any, can she give to the Wai 3553 claimants that her education reforms will not risk long-term harm for Maori learners? CAMERON LUXTON to the Minister of Internal Affairs: What recent announcement has she made about a new Anzac initiative with Archives New Zealand and the National Library? SHANAN HALBERT to the Minister for Tertiary Education: What actions, if any, has she taken to support tertiary institutions and students impacted by the ongoing fuel crisis and rising cost of living? SAM UFFINDELL to the Minister of Health: What recent announcements has he made about expanding the role for community pharmacists? JAMIE ARBUCKLE to the Associate Minister of Health: What recent reports has she seen on illicit tobacco? LEMAUGA LYDIA SOSENE to the Minister of Internal Affairs: Has Fire and Emergency New Zealand been classified as a critical customer under the National Fuel Response Plan; if so, what does this classification mean in terms of fuel supply for Fire and Emergency New Zealand under National Fuel Response Plan phases 2, 3, and 4? MILES ANDERSON to the Minister for Land Information: What recent announcements has he made about investment in New Zealand's premium agricultural sector? STEVE ABEL to the Minister for Resources: Are there any places in Aotearoa New Zealand where mining should not be promoted; if so, where are these places?

The routes taken by migratory birds, known as flyways, often cross vast expanses of ocean. Six of these marine flyways have now been formally recognized by the U.N.'s Convention on Migratory Species, at the suggestion of scientists who published their findings on these flyways in the British Ecological Society's Journal of Applied Ecology. Tammy Davies, a co-author of the paper and marine science coordinator at BirdLife International, joins the Mongabay Newscast this week to discuss the conservation potential of the six flyways, and what the formal recognition by CMS does and doesn't do. "It's a fantastic communication tool for highlighting these amazing journeys that the seabirds undertake and the fact that multiple people, stakeholders, and countries need to come together and everyone can do their bit," Davies says. She notes that 151 bird species rely on these migratory routes, which connect 1,300 key biodiversity areas that the birds regularly use. Having nations focus on protecting these areas, and reducing bycatch from fishing, are just some of the ways countries can coordinate conservation efforts along these routes. But this effort requires shared responsibility across the 54 nations that these flyways bisect. The flyways provide a formal mechanism for nations to do this, Davies says. Please take a minute to let us know what you think of our podcast, here. Mike DiGirolamo is the host & producer for the Mongabay Newscast based in Sydney. Find him on LinkedIn and Bluesky. Image Credit: Antipodean albatross (Diomedea antipodensis antipodensis) offshore from Dunedin, Otago, Aotearoa New Zealand. Image by Oscar Thomas via Wikimedia Commons (CC BY-SA 4.0). ———-   Timestamps   (00:00) What are marine flyways? (07:47) How formal recognition helps conservation (14:55) Policy limitations (19:32) Shared goals with other treaties (21:41) What's next?

In this episode of the Elevate Podcast, Mark Metzger, Director of Metzger Builders, joins the conversation to share a behind-the-scenes look at the Registered Master Builders House of the Year Awards. With more than 35 years in the industry and multiple Supreme House of the Year titles to his name, Mark brings a unique perspective as both an award-winning builder and national judge.Mark unpacks how the judging process really works — from travelling across the country and assessing homes, to the detailed scoring system that evaluates workmanship, design, and degree of difficulty. He shares what makes a home stand out, the importance of consistency and craftsmanship, and how the competition continues to raise standards across the industry. This episode offers valuable insights for builders considering entering, and a fascinating look at what excellence in residential construction truly means in Aotearoa New Zealand. Useful links:Metzger Builders https://www.mblexcellence.co.nz/House of the Year Awards Where else you can find usWebsite: https://www.masterbuilder.org.nz/Elevate Platform: http://elevate.masterbuilder.org.nzInstagram: https://www.instagram.com/masterbuildernz/Facebook: https://www.facebook.com/registeredmasterbuildersYouTube: https://www.youtube.com/channel/UCmh_9vl0pFf0zSB6N7RrVeg

TRN Podcast Nick Estes live in conversation with Kim TallBear about the conference they organized,  Holding Our Ground: Voices and Strategies Against Self-Indigenization.  You can watch the individual panels that were livestreamed  on our YouTube channel https://www.youtube.com/playlist?list=PLKWiQX270BMoLRv25dDskRfsJ2pptPf3Z Conference description: "This two-day, hybrid symposium will convene leading experts, community members, and "first responders" to the global issue of self-Indigenization, particularly in the form of "Indigenous ethnic fraud," or "pretendianism," as it is referred to in North America. The symposium will be held in Minneapolis, on the traditional homelands of the Dakota people, who were imprisoned and eventually exiled in 1863 to aid settler appropriation of "Minnesota," a word also taken from the Dakota. On top of seizing land, US citizens have for centuries "played Indian" via sports mascots and appropriating Native nation names and iconography in scouting and in industries including the military. In the twenty-first century, we see ballooning numbers of US citizens make mythological claims to belong to Native lineages and nations. Some capitalize on those claims to appropriate Indigenous resources and opportunities, and to seize governance of institutions. We see an obviously violent example of self-Indigenization in the Department of "Homeland Security" whose agents seize governance of these lands, terrorize, imprison, and threaten to exile. As multiple forms of self-Indigenization converge, not all are grasped as violent, yet they combine to further colonial extraction. Extractive self-Indigenization, including Indigenous ethnic fraud, not only targets American Indians, but also First Nations, Métis, and Inuit in Canada; and global Indigenous communities in Aotearoa/New Zealand, Australia, Mexico, and elsewhere. This symposium will bring participants together to engage in critical discussions, learn from one another, and discuss actionable strategies to disrupt this global problem." Empower our work: GoFundMe: https://www.gofundme.com/f/empower-red-medias-indigenous-content  Subscribe to The Red Nation Newsletter: https://www.therednation.org/ Patreon https://www.patreon.com/redmediapr