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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.And today we lead with news the US yield curve has steepened overnight on messy talk about the US Fed's independence, and arbitrary US tariff statements.In more direct economic news, US mortgage applications fell sharply last week, even after adjusting for the holiday weekend. There were -10% lower than the prior week. But they are still +18% higher than a year ago. To be fair, year-ago levels were unusually low. Rising interest rates are getting the blame for the recent fall-off in activityAmerican producer prices rose +2.3% in June which was much less than the May +2.7% rise and less than the expected +2.5%. A rather large and unusual monthly drop in logistics costs kept the overall index restrained.Meanwhile US industrial production inched higher, up +0.7% in June from a year ago. It was driven by a good rise in businesses equipment and mining but that masked a fall in the much larger sector manufacturing consumer goods. But to give better context, neither of those year-on-year gains showed up in June.And that flat recent trend is showing up in the Fed's July Beige Book surveys. Economic activity increased slightly from late May through early July. Five Districts reported slight or modest gains, five had flat activity, and the remaining two Districts noted modest declines in activity. There was nothing here indicating rising business or consumer sentiment and impending investment - pointedly, quite the opposite.Across the border, Canadian housing starts in June stayed high, and certainly higher than expected. They were expected to retreat somewhat after a strong May, but remained at those elevated levels.And staying in Canada, they have released data that shows the gap between the top earners and the bottom earners has reached a record divide. The bottom 40% of households now have less than 3% of all household wealth. The top 10% have almost half. It is a twist that foreshadows future social stresses.Later today we will get Japanese trade data for June, and that is expected to be positive.And as expected. the Indonesian central bank cut its policy rate late yesterday by-25 bps to 5.25%. They said the tariff-rate 'deal' with the US will be positive for them.Also later today we will be watching the June labour market report for Australia. Another good jobs gain is expected (+20,000), skewed sharply towards full-time positions. And we will get an update in Australian inflation expectations.The UST 10yr yield is now at 4.46%, down -3 bps from yesterday at this time. The price of gold will start today at US$3,354/oz, up +US$27 from yesterday at this time.American oil prices are little-changed at US$66.50/bbl while the international Brent price is still just over US$68.50/bbl.The Kiwi dollar is now at 59.5 USc and up +10 bps from this time yesterday. Against the Aussie we are down -20 bps at 91.1 AUc. Against the euro we are also down -20 bps at 51.1 euro cents. That all means our TWI-5 starts today at just on 67.2, and down -20 bps.The bitcoin price starts today at US$119,039 and up +1.4% from this time yesterday. And that takes it back to NZ$200,000. Volatility over the past 24 hours has been modest, at just on +/-1.5%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news US inflation is rising and tariffs are getting the blame.But first, the overnight dairy auction brought prices +1.1% higher in USD terms, +3.6% higher in NZD terms. It was the first rise we have had in these full auctions since yearly May. This time, the expected +2.5% rise in SMP was matched by an unexpected rise of +1.7% in WMP prices. Butter prices were unchanged but cheddar cheese prices fell a sharpish -5.6%.In the US they got the expected rise in CPI inflation for June, up 2.7% when it was rising 2.4% in May. The Fed will have noticed that "core inflation" rose 2.9%. Food prices rose 3.0% and rents up 3.8%. The overall level was restrained by an -8.3% drop in petrol prices. As those year-ago petrol prices normalise in future months, they won't be restraining anything. Just in time for the pass-through of the tariff-taxes. An independent Fed will be concerned about the upwad trajectory.A Fed factory survey in the New York state recorded a rise in July, their first since February. But they are seeing input cost pressure picking up. However they also report it is easier to pass on those costs and seemed relieved about that.Canada also reported its June CPI inflation rate, coming in at 1.9%, up from 1.7% in May.India reported declining merchandise exports in June, in fact their lowest level of the year and almost -8% lower than year-ago levels. Imports fell too. But strong services exports (outsourcing services) balanced things out. In contrast to China, India's rise is domestically-driven, not foreign trade driven, making them somewhat insulated from the tariff-wars.China reported that its Q2-2025 economy expanded +5.2% in inflation-adjusted terms from Q2-2024. This was bang on what Beijing had set as a target, and what observers were expecting them to announce. Strong exports and consumer subsidies helped a lot.China said its retail sales were up +4.8% in June from a year ago, its industrial production up +6.8%. So that suggests they had the best of both worlds - rising industry and rising internal consumption. That they seem to have done this all with only a modest rise in electricity production (+1.7%) would be impressive if it was believable. They are almost certainly making big strides in energy efficiency but it is unlikely as reported. Despite these cred issues however, it is clear that the Chinese economy is not going backward.But even if they aren't as steep as they have been over any of the past 15 months, new house prices in China are still falling. Only 12 of the 70 largest cities had prices that held basically unchanged however. But for resales, none were in that category. The lure of housing speculation in China is but a distant memory. For most developers that is trouble. But pockets like in Shenzhen may be seeing a bit of a shine.In the EU, industrial production surprised with a good +3.4% gain in May, far better than expected and continuing the 2025 expansion. The gains were even stronger in the euro areaSo it will be no surprise to learn that German ZEW sentiment seems to be in full recovery mode; this data for July, so those industrial production gains have likely continued.In Australia, the Westpac/Melbourne Institute consumer sentiment survey showed a third consecutive rise in July, although a small one. Despite the surprise no-cut by the RBA recently, most consumers still expect interest rates to move lower from here. But they remain uncertain about the outlook for the overall economy and jobs. Housing-related sentiment dipped slightly but price expectations remained high.And staying in Australia, the RBA has reached the preliminary view that it would be in the public interest to remove surcharging on eftpos, Mastercard and Visa cards. They also want to lower the cap on interchange fees paid by businesses, and require card networks and large acquirers to publish the fees they charge. They are now in the 'consultation' phase, which will no doubt involve fierce pushback. Here the Commerce Commission has been looking at the same issues, and will report on the New Zealand changes they want to see, very soon.The UST 10yr yield is now at 4.49%, up +6 bps from yesterday at this time.The price of gold will start today at US$3,327/oz, down -US$22 from yesterday at this time.American oil prices are down -50 USc to US$66.50/bbl while the international Brent price is just over US$68.50/bbl.The Kiwi dollar is now at 59.4 USc and down -30 bps from this time yesterday. Against the Aussie we are unchanged at 91.3 AUc. Against the euro we are also unchanged at 51.3 euro cents. That all means our TWI-5 starts today at just under 67.4, and down -10 bps.The bitcoin price starts today at US$117,421 and down -2.0% from this time yesterday. And that takes it back below NZ$200,000. Volatility over the past 24 hours has been modest, still just on +/-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 will do this again tomorrow.

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.And today we lead with news there may be trade policy chaos, and it may get worse, but you wouldn't know it from today's data, especially June data from China.But first, India said its CPI inflation is falling, and quite quickly now, taken lower by falling food prices. Their CPI fell for the eighth straight month, down to 2.1% in June, the lowest level since January 2019, down from 2.8% in May. Analysts had expected it to fall to 2.5% in June, so this is quite a sharper move lower. You may recall the recent 7.4% peak in October 2024, then also driven by food prices.The question now is, will the RBI cut its 5.5% policy rate. Many analysts don't think the Indian central bank is ready yet to do that. They next meet on August 7.In Singapore they said their economy was 4.3% higher in Q2-2025 than Q2-2024. Their GDP rose +1.4% s.a. in the three months through June. Analysts had expected the rise to be only +0.8% increase. Construction helped drive the June result, surging 4.4%. The Q1-2025 contract was revised to -0.5%. Apart from that Q1-2025 stumble, their expansion has been rising since early 2023.In Japan, machinery orders didn't fall as much in May as anticipated (after a big dip in April), so they ended +6.6% higher than year ago levels.In China, so far, the Trump tariffs or the uncertainty surrounding them have had no noticeable negative impact on their exports. They came in at US$325 bln in June, up +5.8% from a year ago and up +$9 bln from May. This was better than expected. Imports were also little-changed, up +1.1% from a year ago, slightly softer than expected. The main impact of the US tariff war against everyone is that China is benefiting as the US makes enemies everywhere. The details by country are here.China's trade surplus widened significantly to +US$115 bln in June, up from +US$99 bln in June 2024. China's trade surplus with the US widened to US$26.5 bln in June, up +47% from May.Meanwhile, new yuan loans rose in June, and by more than expected. Typically, we see a June rise as banks push to achieve quarterly targets. But this rise is far better than even for that, and better than the rise a year ago. Helping was a Beijing push to front-load bond sales being rolled out to support their economy during the tariff trade war. In the end they issued ¥2.24 tln in new loans in June, well above the expected ¥1.8 tln. (This data never shows how much is directed to SOE borrowing.)We should not forget the impact of the consumer subsidies being deployed to keep China's retail demand elevated. They seem quite effective, but clearly they cannot continue indefinitely. Some regions are already starting to turn them off due to cost reasons, so we won't have long to find the reaction to that.In the US all eyes are on what the June CPI inflation will come in at. It was 2.4% in May, and is widely expected to come in at 2.7% in June when it is reported tomorrow. Markets price no chance of a rate cut by the Fed at their next review at the end of the month.The UST 10yr yield is now at 4.43%, little-changed from yesterday at this time. The price of gold will start today at US$3,349/oz, down -US$6 from yesterday at this time.American oil prices are down -US$1.50 just on US$67/bbl while the international Brent price is just over US$69/bbl.The Kiwi dollar is now at 59.7 USc and down -40 bps from this time yesterday. Against the Aussie we are down -10 bps at 91.3 AUc. Against the euro we are down -20 bps at 51.3 euro cents. That all means our TWI-5 starts today at just on 67.4, and down -20 bps.The bitcoin price starts today at US$119,767 and up +0.8% from this time yesterday. And that takes it just on NZ$200,000. Volatility over the past 24 hours has been modest at just on +/-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 will do this again tomorrow.

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.And today we lead with news August 1 is the new deadline for tariff negotiations with the US. It's an endlessly moving 'deadline' bourne out of frustration at being unable to make any meaningful deals.This week will feature a first peek at June inflation components with the selected price data due out on Thursday. Maybe before that we will get the June REINZ data. In Australia, all eyes will be on their June labour market data due on Thursday too.Later today we will get China's June export and import data to be followed later in the week with China's big monthly data dump which will include their Q2-2025 GDP result. It will be a surprise if they have to admit a variance to their official target (5.2%?).In the US it will be all about tariff-setting, interspersed with June CPI data (also likely to match what their government wants - 2.5%). Canada will also release their June inflation result, with a more credible process, and markets expect (3.0%). Japan chimes in with its version, expected to be 3.3%.In the background there will be the start of Q2 earnings results from Wall Street majors, including some big banks.Over the weekend, Canada reported something of a surprise, because their labour market strengthened in June. Not only did they generate +83,000 new jobs in the month when no gains were expected, their jobless rate dipped when it was expected to rise. Even though +70,000 of those new jobs were part-time, the +13,000 new full-time jobs was much better than the -1,000 full-time job losses expected. Even wages rose +3.2% from a year ago, although they did slip slightly from May and have remained flat since January. Given the forces being applied by their bully neighbour, it is hard to know whether this overall June result is just an anomaly or an indication of resilience. Only time will tell.Canada also released May building consent data overnight and it was also unusually strong, up at a +12% pa rate from April. From a year ago the June consent values were up +5.1% on an inflation-adjusted basis. By any standard this is very good too.In the US, the level of tariff-taxes being imposed on Americans is becoming clearer. The latest US Government accounts show them hitting US$27 bln in June, US$113 bln for the nine months to June. Tariffs are paid by the importer and become a cost that will be embedded into how those products are sold. Treasury officials anticipate further growth in tariffs collected, expecting them to reach US$300 bln in the 2025 calendar year.Those added taxes allowed the US Federal Government to report a +US$27 bln surplus in June. In June 2024 they reported a -US$71 bln deficit. In the twelve months to June, they have accumulated a -US$1.9 tln deficit, more than the -US$1.8 tln in the 2024 fiscal year.The tariff boost for June got the benefit of some seasonal shifts, Treasury officials noted. Adjusting for those, June would have shown a -US$70 bln deficit instead of the +US$27 bln surplus actually reported, they said.The weekend brought new tariff threats to Mexico and the EU of 35%. They are moving to unilateral positions because they seem hopeless at negotiating, completely misunderstanding the process.Perhaps we should note that the US dollar has fallen -11% from the Trump II January inauguration to now. In the whole of the Trump I presidency it fell a net -10%. So the decline in the value of the greenback is just getting started this time, it seems. Holding American assets by foreigners is going to involve sinking currency pressures. And it will become much more costly for American investors to buy foreign assets for the same reason. With fiscal mismanagement rife, it is hard to see this 'improving' in the next few years.And some of that uncertainty is leaking into company balance sheets. Credit rating downgrades now exceed upgrade in the listed US corporate scene, the first time that has happened since 2021. Company cash balances are shrinking - not fast yet, but that is a turn. More companies are losing investment grade status. All this goes to the heart of company valuation levels. The forward 12-month P/E ratio for the S&P 500 is 22.3, far higher than historic benchmarks.And in Japan, we should keep an eye on parliamentary elections that will be held on Sunday, July 20 for their upper house. Given the the national government of conservative Shigeru Ishiba relies on a tenuous coalition with a small religious party, this has become a referendum on Ishiba's stewardship.And China announced a +2% increase in their national state pension starting January 2025. Because we are more than six months into this year, presumably back-pay will be involved. This year's increase, the 21st in a row, comes as studies project the system is on track to run out of money in about a decade. Until 2015, the annual increases were +10% but have shrunk away sharply since as the demographic forces have turned tougher. Their pension system is expected to run out of funds in about 10 years.The UST 10yr yield is now at 4.42%, unchanged from Saturday, up +10 bps for the week.The price of gold will start today at US$3,355/oz, little-changed from Saturday, but up a net +US$18/oz from a week ago.American oil prices are still just over US$68.50/bbl while the international Brent price is just over US$70.50/bbl. That is up a net +US$2 in a week.The Kiwi dollar is now at 60.1 USc, unchanged from Saturday, but down -½c from this time last week. Against the Aussie we are up +10 bps at 91.4 AUc. Against the euro we are holding at 51.4 euro cents. That all means our TWI-5 starts today still at just on 67.6, but down -30 bps for the week.The bitcoin price starts today at US$118,763, a new record high and up +1.1% from this time Saturday. Volatility over the past 24 hours has been modest at just on +/-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 will do this again tomorrow.

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.And today we lead with news commodity currencies are in favour at the end of the week as global commodity prices get a halo boost from the taxes Americans are prepared to pay for commodities. Risk is in favour; 'greed is good' and blindness to the downside possibilities seems wilful. It helps that heavyweight investors have gone on their summer vacations.But first, US initial jobless claims came in at 240,800 last week, an increase and a bit more than seasonal factors would have expected. There are now 1.91 mln people on these benefits, +111,000 or +6.2% or more than at this time last year. That is their highest level since 2021.There was a smaller US Treasury 30yr bond auction earlier today and if it wasn't for the SOMA activity from the New York Fed, demand would have been lighter than at the prior event. In the end, it delivered a median yield of 4.84%, little-changed from the 4.80% at the prior equivalent event.In Japan, their June producer prices were up +2.9% from a year ago, a notable easing from the +4.3% rise in March. In fact, from May, Japanese producer prices slipped marginally. From early 2022, there has been an overall trend of these price increases easing and they may be now heading into a bit of a deflationary period.China's vehicle sales grew by almost +14% in June from the same month a year ago following an +11% rise in May. Sales of new energy vehicles (NEVs) surged more than +26% in June, marking the fourth consecutive monthly increase. In the first half of 2025, total vehicle sales climbed +11%, while NEV sales jumped more than +40%. They are on target for NEV sales to exceed 16 mln units - which is more than all vehicle sales in the US. China is on track for sales of 33 mln for the full year, easily the world's largest vehicle market.The Korean central bank kept its policy rate unchanged at 2.5% as expected. It last cut its rate in May.Australian business turnover data has revealed that May activity was softish, recording a small slip from April. May was held back by a fall in their mining sector. But from a year ago, May 2025 was overall +5.9% higher on a current price basis.Container freight rates fell -5% last week from the prior week, almost all on outbound cargoes from China. Overall rates are now half year-ago levels, although to be fair those year-ago levels were juiced up by the Red Sea crisis. Bulk cargo rates were little changed this week but are -25% lower than year-ago levels.The UST 10yr yield is now at 4.35%, and up +1 bp from yesterday.The price of gold will start today at US$3,317/oz, and up +US$9 from yesterday.American oil prices are down -US$2 at US$66.50/bbl while the international Brent price is now just over US$68.50/bbl.The Kiwi dollar is now at 60.3 USc, up +25 bps from yesterday. Against the Aussie we are down -10 bps at 91.6 AUc. Against the euro we are up +30 bps at 51.5 euro cents. That all means our TWI-5 starts today at just on 67.7 and +20 bps firmer than yesterday at this time.The bitcoin price starts today at US$113,549, a record high and up +4.0% from this time yesterday. Volatility over the past 24 hours has been moderate at just on +/-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 will do this again on Monday.

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.And today we lead with news of more tariff threats, but markets are over that drama, shoving its impact to the background. If there is news on a US-EU deal, then that will likely change.First in the US, even though the benchmark 30 year home loan interest rate was little-changed, mortgage applications rose a sharpish +9.3% from the prior week, and that was a rise for a third week in a row, a relatively unusual streak. Both refinance and new home purchases had good gains this week.One reason they may be more active is that Americans are shunning international travel, kind of like in the pandemic emergency, perhaps fearful of the reception they will get in both Europe, South America and Asia. And the feeling is mutual. EU-US airfares are diving and services are being cut back. But Canada is now a hit, with other-than-the-US destinations much more popular, and Toronto especially is getting a surge. In the world of travel, the US is the only major market suffering declines in visitors.The US Federal reserve released the minutes of its June 19 (NZT) meeting. And that hinted at a developing divide among members between those who support the Trump view that the tariff-tax impact on inflation will be transitory, and those that think it will be 'persistent' and do long-term and lasting damage to American cost competitiveness. And that divergence affected their view of when to next cut rates. At this meeting at least those with the fear of embedded inflation won out and rates were left unchanged. But financial markets have priced in two more -25 bps rate cuts later this year.At least one of their number are in a broader Apprentice-style competition for Powell's job - Christopher Waller.There was another US Treasury bond auction overnight, for their 10 year maturity, and it was normally supported. It delivered an median yield of 4.31% compared to the 4.38% at the prior equivalent event a month ago.Across the Pacific, Japanese machine tool orders rose in June from May, maintaining their better level in a trend that started in March. And it was demand from domestic manufacturers that were especially strong. Even though in total they were just marginally less than a year ago, that year ago benchmark was unusually strong for a 2024 month.The heart of the northern hemisphere holiday season is underway and financial market activity is lighter than usual. This period will likely last until the end of August, culminating at the American Labor Day long weekend.The UST 10yr yield is now at 4.34%, and down -8 bps from yesterday.And we should note that Nvidia has become the first company to command an equity valuation of US$4 tln.The price of gold will start today at US$3,308/oz, and up a mere +US$2 from yesterday.American oil prices are unchanged at US$68.50/bbl while the international Brent price is still just under US$70.50/bbl.The Kiwi dollar is still just on 60 USc, essentially unchanged from yesterday. Against the Aussie we are down -20 bps at 91.7 AUc. Against the euro we are holding at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.5 and -10 bps lower from yesterday at this time.The bitcoin price starts today at US$109,140 and virtually unchanged (+0.1%) from this time yesterday. Volatility over the past 24 hours has been low at just on +/-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 will do this again tomorrow.

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.And today we lead with news US tariff threats are shifting from being aimed at trading 'partners' to a focus on commodities, today especially copper. Protection of favoured US business interests is the goal, cloaked in the labels of 'national security'.But first up today, the overnight dairy Pulse auction delivered less change than expected, essentially holding on to the SMP and WMP prices at the prior week's full auction. But in the meantime the NZD has retreated so both delivered good gains in NZD, up +1.1% for SMP and up +3.1% for WMP.The US retail impulse as measured by the Redbook survey delivered a very good +5.9% gain over the same week a year ago, but it should be noted that earlier base week was an unusual down one.And the New York Fed's national survey of consumer inflation expectations returned to a 'normal' 3% in June, and a five month low. But some components remain a worry. Those surveyed thing food prices will rise 5.5%, rents will rise +9.1% and medical care by +9.3%Meanwhile the NFIB Small Business Optimism Index for June was little changed at it long run levelThe popular US Treasury three year bond auction delivered unchanged demand and little-change on the median yields achieved. Today that came in at 3.84%, whereas the equivalent event a month ago was at 3.92%.US consumer debt grew a very modest +US$5 bln in May, half the expansion in April and well below the average for the past year. The slowdown was very acute for revolving debt, like credit cards.In Canada, the widely-watched local PMI turned positive in June following two toughish months.In Germany, both exports and imports were expected to decline in May from April, and they did, but by slightly more than was expected. But both remain higher than year ago levels.In Australia, the widely watched NAB business sentiment survey picked up and that was a much better outcome than the contraction expected. In fact this June result for business conditions broke the mould of the long-running decline that started in June 2022.That survey didn't point to anything special in terms of cost pressures. But those cost pressures clearly worried the RBA when it surprised financial markets with its no-change decision yesterday. The widely-expected rate cut didn't happen and so household budgets will have to wait for more relief. The RBA did pick up the resilience in the overall economy, but judged it too early to respond to perceptions of economic weaknesses. In fact they saw the balance of risks from trade and labour market cost activity not requiring a boost from a cut in interest rates.We should note that US tariff uncertainty is screwing around with some key commodity prices, especially copper, which has soared over the past day or so to over US$12,000/tonne and easily a new record high. Some US futures contracts are now up over US$13,000/tonne. US products that use copper are going to get a cost jolt. Because it is a jolt directly related to a new US tariff-tax, it won't affect products made outside the US.The UST 10yr yield is now at 4.42%, and up another +3 bps from yesterday.The price of gold will start today at US$3,306/oz, and down -US$25 from yesterday.American oil prices are up another +US$1 at just under US$68.50/bbl while the international Brent price is now just under US$70.50/bbl.The Kiwi dollar is now just on 60 USc, little-changed from yesterday. Against the Aussie we are down -50 bps at 91.9 AUc. Against the euro we are down -10 bps at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.6 and -10 bps lower from yesterday at this time.The bitcoin price starts today at US$109,015 and up +1.0% from this time yesterday. Volatility over the past 24 hours has been moderate at just on +/-2.3%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news financial markets have turned cautious, unsure of what to make of the set of 'tariff letters'.In Washington, because they couldn't complete tariff deals in the "90 deals in 90 days" to July 9, they have moved the 'deadline' to August 1. The shambles extends. And the capricious tariff letters are starting to be issued, first to Japan and South Korea at 25%, and then a bunch of developing countries including Malaysia (25%) and South Africa (30%).Essentially, the US is pushing countries into China's orbit, and creating conditions where many will shy away from buying US goods due to the bald insult. US businesses are likely to suffer, not only from financial market reactions, but also on the demand front. Other governments' trust in the US is in free-fall.Separately, we can also report that the NY Fed's Global Supply Chain Pressure index was neutral in June, back to its long run 'normal level'. That amounts to an easing of the May pressure as the rush to beat the tariff-taxes faded.Across the Pacific, China said its foreign exchange reserves rose by +US$32 bln to US$3.317 tln in June and that is the highest level they have had in nearly ten years (December 2015).Singapore's foreign exchange reserves stayed very high in June, even if they did dip marginally from their record high level in May.In the EU, they report retail sales by volume (inflation adjusted) and it slipped in May from April. But it stayed higher than year-ago levels although by less than +1%.Meanwhile, Germany reported its May industrial production turned up and by much more than expected. Although to be fair, it is in a bit of an overall yoyo pattern. Still, on a volume basis it too is +1.0% higher than year ago levels.So overall, even though some of it is over a month old, this set of second tier data, from the US, to Asia, to Europe isn't painting a picture of special stress.How the Australian central bank see it will be revealed later today when the RBA issues its decision on its cash rate target. Market pricing has only two-thirds of a -25 bps cut priced in although most economists think it will happen, and take their policy rate down from 3.85% to 3.60%. That will flow through to homeowner's household budgets quickly because most have variable rate deals.However it its far from certain this will give the Aussie domestic economy the boost a rate cut should deliver. It almost certainly will juice up house prices, which are already rising in anticipation. But existing borrowers seem to have decided en masse that the cash gains from lower rates will be used to pay down debt rather than be spent in generating more economic activity, which is why the RBA is cutting. To get that effect, the central bank may have to cut again later in the year. There are reviews in August, September, November and December yet to come, so plenty of opportunities for more cuts.The UST 10yr yield is now at 4.39%, and up +6 bps from yesterday.The price of gold will start today at US$3,332/oz, and down -US$4 from yesterday.American oil prices are up +US$1 at just under US$67.50/bbl while the international Brent price is now just over US$69/bbl.The Kiwi dollar is now just on 60 USc, down an outsized -60 bps from yesterday. Against the Aussie we are down -10 bps at 92.4 AUc. Against the euro we are down -20 bps at 51.3 euro cents. That all means our TWI-5 starts today at just under 67.7 and -30 bps lower from yesterday at this time.The bitcoin price starts today at US$107,923 and down -0.9% from this time yesterday. Volatility over the past 24 hours has remained low at just on +/-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 will do this again tomorrow.

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.And today we lead with news the world is working out how live with a capricious America.First though, the week ahead will feature Wednesday afternoon's OCR review from the RBNZ, preceded Tuesday by the RBA's cash rate review. The Aussies are expected to cut their rate by -25 bps to 3.60% but the RBNZ is expected to hold at 3.25%. We will be covering the outcomes and implications of both reviews.Both Malaysia and South Korea will also be reviewing their official rates. The Malaysian will likely leave their rate unchanged at 3.00%, and the South Koreans are expected to cut theirs by -25 bps to 2.25%.In the US, apparently negotiating trade deals is complicated (who knew?) so Trump is dispensing with all that and just "sending letters" unilaterally. "90 deals in 90 days" is too hard for him. He might have got one over the line with Vietnam (he claims but the Vietnamese haven't confirmed). He sort of got one with the UK but before the 90 day clock started. And the China one he claims leaves the US in a worse position. His Treasury Secretary is promising "a few more" over the next few days and weeks. "Best deal maker of all time".And we should probably note that the integrity of official US data, from the Census Bureau, the BLS and the BEA, all now under Trump control (in the Lutnick Commerce Department), is getting increasingly questioned. Sharp budget cutbacks is resulting in fewer actual surveys, more 'estimates by officials'. Even Fed boss Powell expressed concern over the issue in questioning at the recent Congressional testimony. The data reporters are moving to a "Make Trump Look Good" approach.Suspicion is rising because there are widespread indications tariff-tax price increases are being pushed through but the BLS data isn't reflecting that.In China we will get CPI and PPI updates for June later this week. It would be supremely ironic if users came to view Chinese economic data was more trustworthy than American. It no longer seems far-fetched.Across the Pacific in Japan, household spending jumped +4.7% in May from a year ago, reversing a -0.1% fall in April and far exceeding an expected +1.2% rise. It was their fastest growth since August 2022, and that August 2022 was only good because it was off the very weak pandemic-affected base a year earlier.Singaporean retail sales rose by +1.4% in May from a year ago, accelerating from a downwardly revised +0.2% rise in April. This was the third straight month of growth and the fastest annual increase since January. But to be fair, most of the increase was driven by car sales, a very expensive and exclusive corner of their retail sector.Next, halfway around the world, EU producer prices eased again in May so that it is only +0.4% higher than year ago levels, less in the euro area. The past three months have delivered producer prices lower than in each of the prior months.German factory orders dropped by -1.4% in May from April and that was weaker than expected, but the April gain was revised higher. The May weakness however came after some very large-scale computer, electronic and optical orders in April. From a year ago, these factory orders were up +5.3%.And we should probably note that EU house prices are rising, up +5.7% from a year ago led by 10%-plus gains in Portugal (+16%), Bulgaria (+15%), Croatia (+13%), Slovakia (+12%), Hungary (+12%), and Spain (+12%).In Australia, household spending rose in May and by more than expected with a good recovery from a weak month in April. This spending was up +4.2% from May a year ago. It was their best gain in 7 months.The FAO food price index was little-changed in June from May, holding its gains from a year ago. Within that, both meat and dairy prices rose.The UST 10yr yield is now at 4.33%, and unchanged from yesterday. The price of gold will start today at US$3,336/oz, and unchanged from Saturday.American oil prices are unchanged at just under US$66.50/bbl while the international Brent price is also little-changed at just under US$68.50/bbl.The Kiwi dollar is now just on 60.6 USc, unchanged from Saturday. For the week it is up +20 bps. Against the Aussie we are up +10 bps at 92.5 AUc. Against the euro we are up +10 bps at 51.5 euro cents. That all means our TWI-5 starts today at just under 68 and up +10 bps from yesterday, and unchanged for the week.The bitcoin price starts today at US$108,921 and up +1.0% from this time yesterday. Volatility over the past 24 hours has been low at just on +/-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 will do this again tomorrow.

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.And today we lead with news the US budget bill has now been approved by Congress setting up a big shift in fortunes for big business at the expense of those on low incomes - and handing their future generations a substantially larger deficit headache. In fact, one so large, it will impact the global economy.In the US, they are about to have another national public holiday, Independence Day, so there has been an early data dump there in advance.US non-farm payrolls expanded +147,000 in June, very similar to the May expansion and better than the expected +110,000. The variance from yesterday's ADP Employment Report will raise a few questions. Average weekly earnings went down in June from May, but were up +3.4% from a year ago. In May that annual gain was +3.8% so this metric is tightening. Month on month decreases have happened before but they are relatively infrequent and usually indicate overtime earnings are drying up.US initial jobless claims came in a 231,500 has week and similar to what was expected, taking the continuing claims level to 1.91 mln, +90,000 higher than year ago levels.These two labour market reports probably take pressure off the Fed to cut their policy rate at their next review at the very end of this month.US exports fell -4.0% in May whereas imports dipped a minor -0.1%. That saw their trade deficit rise from the prior month but stay considerably lower than the same month a year ago.US services exports dipped in the month. But locally the June ISM service sector PMI improved from its tiny May decline to a small June expansion. The S&P Global/Markit services PMI told a similar story. But both noted the rising cost worries.May American factory order levels were up sharply in May from April, to be +3.2% higher than year-ago levels. But aircraft orders drove the rise and without that the year-on-year gain was just +0.2% and far less than can be accounted for by inflation. Even the month-on-month gain without aircraft wasn't significant, but at least it was a gain.And Trump's boast he will do "90 deals in 90 days" resulting from his tariff pressure looks like it will fall completely flat. The US has announced one, with Vietnam, but the Vietnamese will only say they are still working through the details. The talks on all the others are dragging on inconclusively.In Canada, their export and import data for May was little-changed overall. But in fact that hides some pretty significant shifts. Their trade with the US fell a lot, and they how have the smallest share going to the US since 1997, twenty eight years ago. In short order, Canadians have managed to reorient their trade to others successfully.Across the Pacific, analysts had expected the Caixin services PMI for China to maintain its small but steady expansion. But it weakened. Not a lot, and it is still expanding, but it will be disconcerting all the same. And it is now at a nine month low.Surprising analysts who expected a +AU$5 bln monthly trade surplus, the actual Australian trade surplus for May came in at half that level, to its lowest level in five years. May exports fell faster, down -2.7% from April while May imports rose faster, up +3.8% from April. Interestingly, exports of gold are down -3.4% in May from a year ago - and that is in AU$ terms, not volume.Container freight rates fell -5.7% last week from the prior week to be -45% lower than year ago levels. Trans-Pacific rates fell -15% as the trade war crimps these supply chains. Bulk freight rates fell -13% in the past week and are now -33% lower than year-ago levels.The UST 10yr yield is now at 4.34%, and up +5 bps from yesterday at this time.The price of gold will start today at US$3,326/oz, and down -US$20 from yesterday.American oil prices are little-changed at just under US$67/bbl while the international Brent price is down -50 USc at just over US$68.50/bbl. Last week's North American rig counts took an unusually sharp dip. There is certainly no evidence yet that investors are piling in to drill more aggressively.The Kiwi dollar is now just under 60.7 USc, down -10 bps from yesterday. Against the Aussie we are down -20 bps at 92.3 AUc. Against the euro we are unchanged at 51.6 euro cents. That all means our TWI-5 starts today at just over 68 and down -10 bps from yesterday.The bitcoin price starts today at US$109,173 and up +0.5% from this time yesterday. Volatility over the past 24 hours has been low at just over +/-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 will do this again on Monday.

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.And today we lead with news the financial markets are awaiting the reconciliation of the US budget bill between the Senate and House versions. And they are waiting for news of "the countries lining up to make a [tariff] deal". There only seems to be one, Vietnam, and the details of that 'deal' remain murky.Meanwhile, American home loan interest rates fell last week to a three month low and that brought a surge in refinancing, although applications for a new mortgage were basically unchanged at a low level. That resulted in the total volume of mortgage applications rising by +2.7% last week from the prior week.Monitored job cuts in June shows it a relatively quiet month with 47,000 layoffs recorded. So far in 2025, the retail sector has cut the most private-sector jobs this year with 80,000 lost, hit by tariffs, inflation, and uncertainty. The expected DOGE cuts aren't as prominent yet due to the ongoing legal action uncertainty.But in contract, the US ADP Employment Report recorded a shrinkage in private payrolls in June by -33,000 when a +95,000 gain was expected. That's a big miss. This is a precursor for tomorrow's non-farm payrolls report for June which is expected to show a low +110,000 jobs gain. And while the ADP Report has a spotty track record matching the official data, you would have to suspect there are downside risks to the non-farm payroll estimates.Whatever the actual data shows, it seems pretty clear the stuffing is being knocked out of the once-strong engine of the US economy. 2025 is shaping up to be their weakest jobs growth since at least 2015 (pandemic excepted).US vehicle sales are also easing, down to a 15.3 mln annual rate and well below the March rate of 17.8 mln. The pre-tariff surge has created a shadow. But few analysts think it will rise much, mainly because of the tariff taxes.We don't have the equivalent China vehicle sales data yet but it will be very much higher (32.7 mln in the year to May), However they have their own problems of very rapid innovation and obsolescence, and worrying viability of large parts of their industry. Xiaomi's sudden entry into this sector is causing an existential shock for its rivals.Singapore's manufacturing PMI inched up out of contraction in June from May, snapping a two-month retreat as firms likely front-loaded orders ahead of looming American tariff deadlines. The recovery was primarily driven by faster expansion in new orders, new exports, and input purchases.In Australia, retail sales rose marginally in May to be +3.3% higher than year-ago levels. For context, Australian CPI was up +2.4% in the year to March, up +2.1% in their monthly inflation indicator for the year to May. So they have been getting 'real' volume increases although that may have faded recently. And this recent fade may bolster the case for a July 8 RBA rate cut.Meanwhile Australian building consents stopped falling in May as they had done in April, and are now +6.5% higher than May 2024. Multi-unit buildings are back driving the increase. The RBA's May 21 rate cut is getting the credit.The UST 10yr yield is now at 4.29%, and up +4 bps from yesterday at this time.The price of gold will start today at US$3,347/oz, and up +US$10 from yesterday.American oil prices are much firmer from yesterday, up +US$1.50 at just over US$67/bbl while the international Brent price is up the same at just under US$69/bbl.The Kiwi dollar is now just on 60.8 USc, down -10 bps from yesterday. Against the Aussie we are down -10 bps at 92.5 AUc. Against the euro we are down the same at 51.6 euro cents. That all means our TWI-5 starts today at 68.1 and also down -10 bps from yesterday.The bitcoin price starts today at US$109,025 and up +2.6% from this time yesterday. Volatility over the past 24 hours has been modest at just over +/-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 will do this again tomorrow.

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.And today we lead with news the US Senate has agreed the Trump budget, but only after the Vice President broke a deadlock with a casting vote. Financial markets are wondering about the wisdom in all this with equities hesitating, bond yields turning up, and the USD drifting lower. To be fair, none of these movements are large today. But the implications of massively higher US debt levels are as is the opening of the magic-money accounting they have adopted. It will be the bond market that makes the practical judgement.First however, the overnight dairy auction came in as weak as the futures market suggested it might. The SMP price fell -1.7%, but only to match the prior week's Pulse event. However the more important WMP price fell -5.1% and back to levels last seen at the beginning of the year. One local reason may have been the sharp increase in volumes offered, +10,000 tonnes more than at the prior event two weeks ago, and +6.7% more than the event in the same week a year ago. This volume offer jump came as milk production rose in all key producing regions (except Australia).Overall, prices were down -4.1% in USD terms at this even, down -5.2% in NZD as the greenback weakens further.The price downshift will have analysts reaching for their pencils although it might be too soon for them to backtrack on their 2025/26 payout forecasts. Fonterra's current season results are pretty much locked in and will be reported in late September. But their new year may be off to a soft start.Last week, the US Redbook index was +4.9% higher than year ago levels but still in the easing trend that started in early April.The May level of job openings rose unexpectedly to more than 7.7 mln largely on a surge for foodservice jobs. Analysts didn't see this coming but perhaps they should have given the sharp ICE immigration crackdowns underway. These roles at these volumes will be hard to fill.The latest factory PMI report from the ISM shows a sector still in contraction, being led by weak new order inflows. The internationally benchmarked S&P Global/Markit version reported an expansion and a moderate one at that, But both noted rising inflation pressures.It appears that the expected rise in June car sales didn't occur, dipping to its slowest pace of the year.Apparently its a good time to be in the logistics sector in the US with inventory levels rising and supply chains being stressed. The Logistics Managers Index is running at an unusually high level.The Dallas Fed regional services survey reported a continuing contraction, although not as steep in June as May.And the RCM/TIPP Economic Optimism Index was expected to bounce back in July but in fact it resumed the decline in a trend that started in December 2024.After falling to a recent low in April, Japanese consumer sentiment is on the rise again, back to where it was at the start of the year, but not yet back to 2024 levels. But at least it is rising.Yesterday we noted that the official factory PMI for China "improved" but was still showing a contraction. Today, the alternative Caixin factory PMI came in a little better than that, rising from May's tiney contraction to June's small expansion. These shifts don't mean a lot, but at least they are going in an improved direction. The Caixin survey noted "Higher new order inflows supported a renewed rise in production. That said, the rate at which new orders expanded was only marginal amid subdued exports." Trump's trade war may have kneecapped Chinese growth but it hasn't knocked them over.Overnight the ECB released the results of its May survey of consumer inflation expectations and they dipped to 2.8% when a small rise was expected. Consumers apparently thought inflation was running at 3.1% over the past 12 months. Separately the EU released its June CPI data and that shows it running at 2.0%, up from 1.9% in May.In Australia, large parts of the east cost is hunkering down for a lashing of strong winds and heavy rain. And that will include Sydney.The UST 10yr yield is now at 4.25%, and up +2 bps from yesterday at this time.The price of gold will start today at US$3,337/oz, and up +US$45 from yesterday.American oil prices are marginally firmer from yesterday, up +50 USc at just on US$65.50/bbl while the international Brent price is up the same at just over US$67/bbl.The Kiwi dollar is now just on 60.9 USc, unchanged from yesterday. Against the Aussie we are down -10 bps at 92.6 AUc. Against the euro we are down the same at 51.7 euro cents. That all means our TWI-5 starts today at 68.2 and unchanged from yesterday.The bitcoin price starts today at US$106,292 and down -1.3% from this time yesterday. Volatility over the past 24 hours has stayed 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 will do this again tomorrow.

While Obi-Wan Kenobi desperately pursues General Grievous, Captain Rex recovers from an injury and discovers a deserter from the clone army in this episode of The Clone Wars.   In this fully armed and operational episode of Podcast Stardust, we discuss: Obi-Wan Kenobi's desperate pursuit of General Grievous, Suu, the Twi'lek wife to the deserter clone, Cut Lawquane, the clone that deserted from the Grand Army of the Republic to pursue a life his own choosing, Captain Rex's perception of Cut and their discussions, The attack of the Commando Droids, and  The legacy of this episode of The Clone Wars. For more discussion of The Clone Wars, check out episode 903.   Thanks for joining us for another episode! Subscribe to Podcast Stardust for all your Star Wars news, reviews, and discussion wherever you get your podcasts. And please leave us a five star review on Apple Podcasts.   Find Jay and her cosplay adventures on J.Snips Cosplay on Instagram.   Join us for real time discussion on the RetroZap Discord Server here: RetroZap Discord. Follow us on social media: Twitter | Facebook | Instagram | Pinterest | YouTube. T-shirts, hoodies, stickers, masks, and posters are available on TeePublic. Find all episodes on RetroZap.com.

Republic Day Greetings Glocal Citizens! This week's guest is another Glocal Citizens connection. In spring 2024, Amma Gyampo (https://glocalcitizens.fireside.fm/guests/amma-gyampo) reached out to me me about connecting me with a like mind in education. That was the beginning of ongoing conversations with Laureen “Laury” Adams. With over 20 years of experience spanning both international and U.S. contexts as a classroom teacher, school leader, coach, designer, and professor, Dr. Laury possesses a unique skill set. This includes shaping innovative curricula, effectively supporting learning communities of all sizes, and coaching leaders to drive impactful change. Her design background informs her expertise in project-based learning approaches, performance assessment, and liberatory praxis. She collaborates with schools and education organizations to design critical, responsive, and loving curricula, assessments, and professional learning opportunities. Laureen is the founder and Executive Director of the Tutu Institute of Education for Liberation. As well as Senior Director of Professional Learning at ASCD Ghana (https://ghascd.org). Among her other roles on boards and consulting she is a Research Fellow and Adjunct Professor at Claremont Graduate University. She recently co-authored This Teachable Moment: Engaging Our Kids in the Joy of Learning (https://www.pblworks.org/for-families) to support parents and caregivers with providing project-based learning experiences at home. Download your free copy and #listenandlearn more about Laury's work in session at SXSW EDU 2025 (https://schedule.sxswedu.com/2025/speakers/286691). Today, July 1st, Ghana marks its 65th Republic Day (https://nationaltoday.com/ghana-republic-day/). Our conversation speaks to many of the themes we continue to work to realize as the country sheds its colonial character as a sovereign, free republic with Ghanaians leading and steering our social and economic destiny. Where to find Laury? https://www.liberatorylove.com/ On LinkedIn (https://www.linkedin.com/in/laureen-adams-tutu-phd/) On Instagram (https://www.instagram.com/laureenadamsphd/) On Facebook (https://web.facebook.com/laureenadamsphd) What's Laury reading? One Day, Everyone Will Have Been Against This (https://www.penguinrandomhouse.com/books/777485/one-day-everyone-will-have-always-been-against-this-by-omar-el-akkad/) by Omar El Akkad Finding Your Leadership Soul (https://www.ascd.org/books/finding-your-leadership-soul?variant=123025) by Carlos R. Moreno What's Laury watching? Forever, a new series (https://en.wikipedia.org/wiki/Forever_(2025_TV_series)) Other topics of interest: About Long Beach, California (https://en.wikipedia.org/wiki/Long_Beach,_California) NYC Teaching Fellows Program (https://nycteachingfellows.org) Envsion Academy Charter School (https://envisionschools.org/our-schools/envision-academy/#:~:text=Envision%20Academy%20of%20Arts%20and,in%20college%20and%20in%20life.) Teach for America (https://www.teachforamerica.org) Sponsors for Educational Opportunities (https://www.seo-usa.org) 'Love” in Twi (https://learnakandictionary.com/english-twi/love/) Special Guest: Laureen Adams.

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.And today we lead with news the US budget debate has financial markets on edge.But first up today, the Chicago PMI did not report the expected modest bounceback in June from the very weak May result. In fact is stayed in a severe contraction, disappointing everyone involved. It's been nearly three years since they have had any regular expansion and 2025 looks like it is shaping up the be the worst of the three.The Dallas Fed's factory survey for June was weak as well featuring shrinking new order levels. At least it was little-changed from May.As you read this, the US Senate is debating, and about to vote, on the big Trump budget bill. After years of complaining about US deficit spending and refusing to move the debt ceiling law, they are weighing whether to accede to Trump's demand to give him a free pass on both, including 'hiding' US$3.8 tln of tax cut costs. If they pass the budget, it is likely the bond market will deliver a thumbs down response, one that will affect global financial markets.On the US tariff trade bullying, there are few negotiations going well at present, for any of the parties involved.In Canada, they seem to have conceded the digital services tax issue to try and make progress on bigger issues. But the DST is still a live issue in the UK-US talks.Meanwhile, things are softening in India too. Their industrial production was up +1.2% in May from the same month in 2024, their weakest expansion in nine months and well weaker than expected.In China, there were no surprises and little movement in their official PMIs for June. Their factory sector contracted very marginally - again - and the services sector expanded marginally, also again. Basically they describe an economy marking time. But also one resilient to the trade shocks thrown at it which were designed to throw it off balance. That just hasn't happened, yet anyway.German inflation came in at 2.0% in June, a touch less than anticipated and little-different from April and May's 2.1% level. As small as it was, they weren't expecting a dip. Food prices there rose a modest +2.0% but keeping a lid on other rises was the -3.5% drop in energy prices.In Australia, Cotality/CoreLogic said its Home Value Index rose +0.6% in June from May, up marginally from the prior month but it is the strongest monthly gain since June 2024. Improved market sentiment in most major cities was behind the firming and active first home buyers are behind that. On a yearly basis, national home values climbed 2.7%. Meanwhile, rental growth continued to ease, with national rents up +3.4% over the past 12 months, the slowest annual increase since early 2021.Global air cargo demand rose +2.2% in May from a year ago, up +3.0% for international airfreight. The Asia/Pacific volumes were up a very healthy +8.2% on the same basis, no doubt related to the rush to beat US tariff deadlines. These overall volumes would have been better if the North American components hadn't been so weak (+-5.8%).Meanwhile, May air passenger travel rose +5.0%, up +6.7% for international travel and up +13.3% in the Asia/Pacific region. The only region to decline was North America (-0.5%) and mostly because of weak domestic travel.The UST 10yr yield is now at 4.23%, and down -4 bps from yesterday at this time.The price of gold will start today at US$3,2952/oz, and up +US$19 from yesterday.American oil prices are marginally softer from yesterday at just under US$65/bbl while the international Brent price is down -US$1, now just over US$66.50/bbl.The Kiwi dollar is now just on 60.9 USc, up +30 bps from yesterday. Against the Aussie we are unchanged at 92.7 AUc. Against the euro we are little-changed at 51.8 euro cents. That all means our TWI-5 starts today at 68.2 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,683 and up +0.2% from this time yesterday. Volatility over the past 24 hours has stayed low at just on +/-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 will do this again tomorrow.

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.And today we lead with news we are now halfway through 2025, closer to the next summer holiday break than the last one. We may need it more this time because economic 'progress' is hard to find.Looking ahead this week, the big end of month data dumps for May from the RBNZ will give us an updated look at mortgage and term deposit activity. The ANZ will also update us on their business sentiment survey for June. Then later in the week the June updates from the real estate industry will be released.In Australia it will also be about retail and trade updates for May.The week end with the US on another summer holiday break, this one for their Independence Day. Their June labour market report will come a day earlier this week (another low +129,000 is expected), preceded by PMI updates from all over. Markets also expect the US to announce tariff actions after the so-called 90 day pause. But Trump deadlines mean little in war and other diplomatic areas so don't be surprised if they mean little here too. He will go head if they don't hurt his own businesses, pull back if they do.Of more importance to us will be the results of both Chinese and Japanese data and surveys.In China, deflationary pressures not helped by the tariff war are keeping China's industrial profits in a low zone. They barely hit ¥600 bln in May and that was their lowest level for a May month since 2019 and -9.1% lower than May 2024. For the five months they were down -1.1% so the pace of decline is unfortunately building.Across the Pacific in the US, the squeeze on American household incomes shows up in the latest data for personal incomes and spending, this data for May. Incomes were only +1.7% higher than a year ago. Decreases in income support for struggling households is showing up in this data. And after inflation, they will be going backwards on the income front. On the consumption front, spending was up +2.2% from a year ago, also lower than the May 2.4% CPI inflation.This is a sure sign of rising economic stress that is spreading.The final reading of the University of Michigan survey of June consumer sentiment was out overnight and it confirmed the spreading household stress. This survey has been stuck at one of its worst readings on record for two months after plunging almost -30% in the first four months of 2025. Over the 80 years of the survey, a drop this large this fast has almost always predicted a recession. Sentiment readings improved slightly at the start of June but were -18% lower than at the start of the year to indicate Americans expect much higher prices and a much slower economy in the coming year. It should be no surprise this is the outcome of the changed US public policy direction - but the financial markets are ignoring this signal; willfully it seems.They seem to be overlooking these same survey results that show sentiment has fallen fastest this year for the most well-off consumers, whose post-pandemic spending spree helped insulate the American economy from recession then. They aren't there to do it this time, according to the UofM survey data.In Canada, they got weekend news that Trump is going to use tariffs to punish them for trying to tax US Big Tech companies via its Digital Services Tax initiative. The US wants free access to Canada and tax-free. Earlier the Canadians had confirmed the DST, which had been passed by their Parliament, would go into effect on June 30.Separately, Canada has ordered one of the world's largest video surveillance equipment manufacturers, State-owned Hikvision, to cease operations there on national security grounds. The order bars Hikvision from conducting business in Canada and prohibits government departments and agencies from purchasing its products. Existing installations of Hikvision equipment across government properties are under review to ensure their eventual removal. Hikvision cameras and monitoring systems are widely available in Australia and New Zealand.Economic sabotage may be spreading, but so are climate risks. It is early in the northern hemisphere summer season still, but both the US and Europe are struggling with dangerous heat dome conditions. China is not immune. These are sure to have economic implications if they extend through to September as expected.The UST 10yr yield is now at 4.27%, and unchanged from Saturday.The price of gold will start today at US$3,273/oz, and little-changed from Saturday. A week ago it was at US$3365/oz so a -2.8% fall from then.American oil prices are +50c softer from Saturday at just on US$65/bbl while the international Brent price is now just on US$67.50/bbl.The Kiwi dollar is now just on 60.6 USc, up +20 bps from Saturday. A week ago it was at 59.7 USc so a net +1.5% appreciation. Against the Aussie we are -10 bps softer at 92.7 AUc. Against the euro we are unchanged at 51.7 euro cents. That all means our TWI-5 starts today at 68.1 and +10 bps firmer than Saturday. A week ago it was at 67.7 so a net +40 bps gain.The bitcoin price starts today at US$107,509 and up +0.6% from this time Saturday. Volatility over the past 24 hours has stayed low at just on +/-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 will do this again tomorrow.

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.And today we lead with news its all about the US and the sharp weakening of the greenback. It is now at its lowest level since early 2022. And a key part of the reason is worries about the Trump attack on the Fed's independence.Meanwhile, US initial jobless claims have stayed elevated although they fell from the prior week to +227,000 which is marginally above the same week a year ago. There are now 1.87 mln people on these benefits, +124,000 more than the 1.75 mln a year ago.US Q1-2025 PCE inflation was revised higher overnight to 3.7% in updated data - and that is up from 2.4% on Q4-2025. Early impacts of tariff-taxes are starting to show through here. Real consumer spending was revised down to just +0.5% growth from the initial estimate of +1.2% and well below the Q4-2024 rise of +4.0%. These revisions don't paint a very good picture about how American consumers fared in early 2025. Final GDP 'growth' fell -0.5% in the quarter, the first decline in three years.But there was a good rise in durable goods orders in May, up +17.5% from the same month a year ago. But non-defense capital goods orders rose only +2.4% suggesting board rooms remain hesitant, and see the tariff-related order rush as nothing more than temporary.Certainly the Chicago Fed's National Activity Index doesn't point to any upturn. Nor does the latest regional Fed survey, this one from the Kansas City Fed.The May US trade balance wasn't great either, coming in with a worse deficit than expected at -US$93.7 bln with exports dipping and imports rising from April. From a year ago the result was little-different.Globally, policy imbalances cause distortions as you would expect, and in the short term at least, they can juice up trade activity despite their intentions.Elsewhere in Singapore, industrial production slipped in May to be 'only' +3.9% higher than year-ago levels. In April the gain was +5.6% so a clear easing, even if it wasn't as much as was anticipated.More generally, we will need to be careful talking about commodity prices when the US dollar is on a downslide. Almost everything is quoted in USD so rising prices now largely reflect that depreciation.Freight rates are falling after the relatively brief 'Iran crisis' hot war. And they too are quoted in USD so the falls will be magnified in other currencies. Container freight rates were down -9% last week from the week before to be -38% lower than year-ago levels - but a year-ago they were in their own Suez crisis stress. Bulk cargo rates are falling too.The UST 10yr yield is now at 4.25%, and down -4 bps from this time yesterday.The price of gold will start today at US$3,334/oz, and up +US$12 from yesterday.American oil prices are unchanged from yesterday at just on US$65.50/bbl while the international Brent price is still just on US$68/bbl. Meanwhile Shell confirmed it isn't currently bidding for the underperforming BP, and that it is required to wait six month under UK law to take another look.The Kiwi dollar is now just on 60.7 USc, up +40 bps from yesterday and that's an eight-month high. However, against the Aussie we are -20 bps softer at 92.5 AUc. Against the euro we are unchanged at 51.8 euro cents. That all means our TWI-5 starts today at 68.1 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,338 and up +0.3% from this time yesterday. Volatility over the past 24 hours has been low at just on +/-0.7%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

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.And today we lead with news tariff-tax cost threats to inflation are being joined by seasonal climate threats in the US.First, it is hot in large parts of the US, including the heavily populated North-East. Air-conditioners are working overtime. And that means electricity grids are overloaded. Retail electricity prices have spiked to nearly US$2,400/MWhr (NZ$4000/MWhr) during peak evening demand last night. Wholesale prices on Long Island topped US$7,000/MWh. Just for context, New Zealand prices this morning are about $60/MWhr. It's a crisis here they reach NZ$1000/MWhr.Meanwhile, US mortgage applications rose last week slightly from the week before, but only because refinance activity rose. Applications to buy a new home were down sharply from the prior week although up from the same week a year ago. Interest rates were little changed.But May sales of new single-family homes dropped sharply by almost -14% from the prior month to an annualised rate of 623,000 units and far below the expected 700,000 units rate and the sharpest decline since mid 2022. May 2025 was -6.3% below year ago levels. Getting the blame was uncertain economic conditions that is causing potential buyers to wait before committing to a purchase. And things could get worse - there are now 10 month's supply of built but unsold homes at the current sales rate. We may start to see some aggressive discounting ahead - or more builders going bust.The big US Treasury 5yr bond tender earlier today was well supported even if not quite at the level of the last event. This event delivered a median yield of 3.82%, a bit less than the 4.01% at the prior equivalent event a month ago.And in Senate testimony, Fed boss Powell acknowledged that tariff-taxes could be a one-off threat to inflation, but he said that is not a law of nature, and they are worried they could also drive persistent rises in costs. He said they will stay on guard until they know the actual effect.In China, their central bank injected ¥300 bln into financial institutions through a one-year medium-term lending facility (MLF) into the country's banking system. This is what was expected.And in a first, President Xi will not attend the Brazilian-hosted BRICS meeting this year, the first time he has skipped that. The reasons why aren't clear, and that is fueling speculation.In Australia, their monthly inflation indicator fell to 2.1% in May, down from 2.4% in both March and April. That is a seven month low, and lower than the 2.3% rate expected. The main influence for the reduction were fruit & vegetable prices (from +6.1% to +2.8%), and travel & accommodation (from +5.3% to +0.6%).The UST 10yr yield is now at 4.29%, and down -1 bp from this time yesterday. The price of gold will start today at US$3,322/oz, and up an insignificant US$2 from yesterday.American oil prices are up +US$1 from yesterday at just on US$65.50/bbl while the international Brent price is now just over US$68/bbl.And we should probably note that the Wall Street Journal is reporting that Dutch oil company Shell is in talks to buy British rival BP. Currently, Shell is denying the report.The Kiwi dollar is now just on 60.3 USc, up +10 bps from yesterday. Against the Aussie we are +10 bps firmer at 92.7 AUc. Against the euro we are unchanged at 51.8 euro cents. That all means our TWI-5 starts today at 68 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,062 and up +0.9% from this time yesterday. Volatility over the past 24 hours has been modest at just on +1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news the US dollar is falling, and the benchmark US 10 year treasury yield is down also, near a seven week low. These are the key reactions to the easing of Middle East hostilities.But first up today, we should note that the weekly Pulse dairy auction for the two main powder products brought lower prices yer again. The SMP price fell -2.6% from last week's full auction to US$2704/tonne, which the WMP price fell -1.9% tp US$4006/tonne. The represent yet another retreat which essentially cancel the April to May price gains.In the US, Fed boss Powell was at Congress today giving his semiannual Monetary Policy Report. He is back again tomorrow. He repeated that they are in no rush to cut rates, certainly not in July, and that their scenario of two more -25 bps reductions in 2025 remains their current outlook. Their focus is on inflation risks which they still have worries about, not economic growth, and that is helped by a stable labour market.Meanwhile, the weekly Redbook survey of the US retail impulse showed sales volume growth easing lower, the lowest since the April tariff-tax induced price spike in early April. And if you exclude the seasonal dips at the end of 2024/25, this growth is the lowest since March 2024 even with the tariff-tax push effect on retail pricing.The US Conference Board's survey of consumer sentiment weakened in June. And this time the weakness spread to 'present conditions'. They report consumers were more pessimistic about business conditions and job availability over the next six months, and optimism about future income prospects eroded. It is a trend they have been noting since the start of 2025.Also fading was the Richmond Fed's latest factory survey for June. Although new order intakes declined more slowly, it still declined and the order backlogs in the region are now falling faster. Unless they get an improvement in new orders, production cutbacks are looking. And the service sector survey in the same mid-Atlantic states region is no better. In this district too, reshoring is not in evidence.We should also note that credit stress for US commercial real estate is staying unusually high. This extended trouble will force an increasing number of lenders there to book losses, and because the worst losses are coming from the largest buildings, it could be destabilising for some mid-sized banks. There was a large well supported US Treasury bond auction earlier today for their 2 year Note. This delivered a median yield of 3.73%, down from the 3.90% at the prior equivalent event a month ago.In Canada, their May inflation rate was reported overnight, unchanged at 1.7%, which was the expected result.Taiwanese retail sales were weaker in May, down -1.6% from the same month a year ago and extending a weaker trend. They were expected to rise marginally. However Taiwanese industrial production was outstandingly strong, up more than +20% from the same month a year ago and extending the April surge.In South Korea, consumer sentiment has improved sharply since the election of a reform-minded new president. Apart from a brief post-pandemic spike, they haven't been this optimistic there since 2017.And in case we don't miss it, the German economy is rising again, gaining in confidence and extending the gains that started in mid 2024. The turnaround hasn't been dramatic, but it has built more than you might have thought.The UST 10yr yield is now at 4.30%, and down -3 bps from this time yesterday. The price of gold will start today at US$3,320/oz, and down -US$61 from yesterday.American oil prices are down another -US$4.50 from yesterday at just over US$64.50/bbl while the international Brent price is now just under US$67.50/bbl as Middle East security concerns seem to fade.The Kiwi dollar is now just on 60.2 USc, back up +½c from yesterday. Against the Aussie we are +10 bps firmer at 92.6 AUc. Against the euro we are up +20 bps at 51.8 euro cents. That all means our TWI-5 starts today at under 67.9 and +20 bps firmer than yesterday.The bitcoin price starts today at US$106,141 and up +3.7% from this time yesterday. Volatility over the past 24 hours has been modest at just on +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 will do this again tomorrow.

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.And today we lead with news markets seemed relieved that the Iranians responded in a localised and 'measured' way to the US attack. They took this as a sign the conflict will stay regional. Even the oil price eased back. To financial markets, 'normal' doesn't look like it is being threatened.But that is not to say 'normal' is great. And it looks like markets are stubbornly refusing to price in geopolitical risks, even when they are obviously high. If they have this collective judgement wrong, then the correction could be sharp.Meanwhile, the S&P Global/Markit PMIs for the US report that the factory sector held at a small expansion, one underpinned by a small rise in new orders, even if new export orders fell rather notably. More notable was the sharpish rise in costs and prices. This sector is losing its international competitiveness. Their service sector is expanding but the modest pace slowed in June.US existing home sales however brought a surprise surge in May from April to a sales rate exceeding 4 mln/year. However that is still lower than year-ago levels, and listings surged even more. Still, the average price rose to US$422,800, although to be fair that is only back to about the level it first achieved in June 2022.The US heatwave, which we noted yesterday may affect 200 mln people there, is worrying their electricity grid operators. They anticipate a 14 year high for electricity demand in the US north east. So it will be no surprise to know that they have issued warnings about supply interruptions.In China, Bloomberg is reporting that Beijing regulators are instructing state-owned developers to avoid defaulting on publicly issued debt. It is the latest attempt by authorities to keep a lid on their property crisis that just won't end or get properly resolved. There are about 20 SOE developers, all large, and all troubled. Clearly credit risk is still worryingly high.In Japan, although new order growth wasn't flash, their manufacturing sector expanded on a stock-build. And that was their first expansion in over a year. Meanwhile their services expansion extended, now for more than 12 months consecutively, and that was driven by new orders. These conclusions come from the early June PMI released by S&P Global/Markit.In India, their advance June PMIs show gains in both their factory and service sectors from already very good levels of expansion.In Europe, the same June PMIs show new order declines have basically ended, and in Germany in particular they rose for the first time in more than three years. Cost inflation is down, and now no longer an issue. Business sentiment rose. Their factory sector is expanding while their services sector stopped contracting in June. While none of this is vigorous, if it is a turning point, it is turning in the right way for themMeanwhile the modest expansion the S&P Global/Markit PMIs report in Australia extends this modesty to six straight months there. They haven't had a run like this since late 2022. While an expansion will be hard to notice on the ground, it is encouraging that both the factory sector and the service sector are moving in the same upward direction.The UST 10yr yield is now at 4.33%, and down -5 bps from this time yesterday.The price of gold will start today at US$3,381/oz, and up +US$14 from yesterday.American oil prices are down -US$4 from yesterday at just under US$74/bbl while the international Brent price is now just over US$72.50/bbl and down a bit more.The Kiwi dollar is still just on 59.7 USc, little-changed from yesterday. Against the Aussie we are holding at 92.5 AUc. Against the euro we are down -20 bps at 51.6 euro cents. That all means our TWI-5 starts today at under 67.7 and just marginally softer than yesterday.The bitcoin price starts today at US$102,349 and back up 2.8% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/-2.0%. There was a general recovery yesterday across most cryptos, but they are still down sharply from a week ago.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news the world's two largest economies are showing outsized vulnerabilities - geopolitical, economic, and environmental.First in China, the eye-catching retreat of foreign direct investment in April (a net outflow -US$4.8 bln) was arrested in May, positive by +US$17.8 bln for the month even if it was off the unusually declining base in April. Still, year to date, foreign direct investment into China remains unusually low, barely +US$50 bln in those five months and well below the almost US$70 bln in the same five months of 2024. For either year, these are not large amounts for a country the size of China. In 2023 the five month inflow was +US$84 bln, in 2022 it was +US$88 bln. It is a negative track that is sensitive for them.Separately, excessively hot weather and unusually heavy rain are affecting large parts of central and southern China.In Japan, May CPI inflation edged lower to 3.5%, the lowest annual rate of the year. Energy costs remained elevated, but dipped in the month. Also elevated and also dipping were food prices, now running at a +6.5% rate. However within that rice prices are almost double year ago levels, a very high profile marker that worries everyone.In the US, weekend data shows the Philly Fed's factory index booked another retreat, the third in a row although only a small one. They aren't yet benefiting from reshoring. New order levels fell. And price increases reported continued at a high level although the pace eased somewhat in this latest update.That data was just a part of the Conference Board's leading economic indicator series. And this slipped yet again in May, with the April index being revised sharply lower. They say this is "triggering the recession signal." Industrial production was the weakest contributor to the index in May. Readers may not be surprised that a Trump tariff-tax recession is on the way for the US, but we probably should brace for global consequences in 2025. It could be tougher than anticipated.At least one influential Fed governor thinks the FOMC will have to start cutting interest rates soon to lean against the recession threat. A July cut is what he suggested, saying “I think we've got room to bring it down, and then we can kind of see what happens with inflation.” Recession threats trump inflation threats for him.But inflation threats may just be starting. Until now, importers have been paying some of the tariff-taxes. But that can't last.And inflation isn't the only thing heating up in the US. Forecasters warn that dangerously hot and humid weather will blanket nearly 200 million people this coming week as a phenomenon known as a heat dome trap builds.Elsewhere, the weekend brought a raft of other central bank rate review decisions. In Turkey, their central bank left its policy rate unchanged at 46%, as expected. You may recall they raised it +350 bps at their May review.Meanwhile, at the Bank of England their governors voted 6-3 to keep their policy rate steady at 4.25% at its June meeting. Although this was the result expected, the three dissenters wanted a -25 bps cut and that was one more dissenter than was expected.In Norway however, they cut their policy rate by -25 bps to 4.25%. That was their first cut in five years.Taiwan held its official rate steady at 2%.The Philippines cut theirs by -25 bps to 5.25%.In China, their central bank left its Loan Prime Rates unchanged at their record low levels after the -10 bps dip last month.Meanwhile, Aussie miners are looking at some surprisingly weak May data for steel production in China. May and June are usually their peak months for production, but not this year. The May data shows it -6.9% lower than the same month in 2024, at 86.5 mln tonnes. That represents a very large fall away in looming iron ore requirements if it holds in June, a more than -6 mln tonne shortfall per month. (Steel production data can be seen here.)In the week ahead, we are watching for what a raft of early June PMIs tell us about the global economy. In Australia, the focus will be on the monthly CPI Indicator on Wednesday although little change at 2.4% is anticipated. Here, there will be key updates for the mortgage market activity on Friday. And in the US, Fed boss Powell will be testifying before Congress, and Trump is sure to have his attack dogs primed for that. Data on American durable goods orders are due (recovering from the sharp April drop expected), along with the May trade deficit update (no improvement expected).The UST 10yr yield is now at 4.38%, and unchanged from Saturday.The price of gold will start today at US$3,367/oz, and up +US$2 from Saturday.American oil prices are little-changed from Saturday at just on US$74/bbl while the international Brent price is now just over US$77/bbl.The Kiwi dollar is now just on 59.7 USc, little-changed from Saturday. Against the Aussie we are holding at 92.5 AUc. Against the euro we are still at 51.8 euro cents. That all means our TWI-5 starts today at on 67.7 and unchanged from Saturday.The bitcoin price starts today at US$99,713 down -3.5% from Saturday, its lowest since early May. Volatility over the past 24 hours has been moderate at just over +/-2.2%. The fall in the bitcoin price is the least of what other crypto prices are shifting. Generally stablecoins are holding with only very minor losses, but Binance is down -5.8% from a week ago, Bitcoin Cash is down -1.8% on the same basis, the official Trump coin is down -14.8%, and Ether is down -14.0%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news the Fed governors are clearly worried about the inflation threat from the new tariff taxes.The US Fed has kept rates unchanged in their decision earlier today, holding their core policy rate at 4.25%. The projection dot plot suggested that they have two more -25 bps rate cuts pencilled in for 2025 and one more for 2026. They also downgraded their expectations on growth in the US economy, dropping the 2025 estimate from +1.7% to +1.4%, and trimming their forecast for 2026 to +1.6%. Fed boss Powell said these growth downgrades will come as higher tariffs hinder the US economy and put upward pressure on US inflation.Meanwhile US initial jobless claims eased lower to 236,000 but the reduction is all accounted for by seasonal effects. There are now 1.82 mln people on these benefits, almost +100,000 more than this time last year.US mortgage applications fell last week despite the benchmark mortgage interest rate easing lower at the same time.Also falling and rather sharply, were new housing starts in May. They fell almost -10% from April to be -1% lower than the same month a year ago.Across the Pacific, Japanese machinery orders fell more than -9% in April, a sharp reversal from March's +13% surge. This was the weakest reading since April 2020, but about what was expected. Still, they remain +6.6% higher than year-ago levels. Meanwhile Japanese exports fell in May after seven consecutive months of expansion. A retreat was expected and what they got wasn't a sharp as those expectations. However, imports slumped -7.7% from a year ago and more than expected.Meanwhile, Japanese car exports to the US fell in volume terms by almost -4% in May, but in value terms they were down almost -25%, suggesting that at the moment, Japanese carmakers are absorbing some of the new US tariffs to maintain their market share.The iron ore price is under pressure, unable to get out of its new lower range, and confirming the overall slowdown in the global economy.Meanwhile, the silver price has pushed up to a new all-time high.The UST 10yr yield is now at 4.40%, and up +1 bp from yesterday, clawing back earlier falls after the Fed commentary. The price of gold will start today at US$3,386/oz, and down -US$3 from yesterday.American oil prices are still in the higher zone, unchanged from yesterday at just on US$74.50/bbl while the international Brent price is now just over US$76/bbl.The Kiwi dollar is now just over 60.2 USc, unchanged from yesterday. The USD firmed slightly after the Fed decision. Against the Aussie we are down -30 bps at 92.7 AUc. Against the euro we are up +10 bps at 52.5 euro cents. That all means our TWI-5 starts today at on 68.2 and unchanged from yesterday.The bitcoin price starts today at US$104,247 and up +0.3% from yesterday. Volatility over the past 24 hours has been low at just under +/-0.9%.Tomorrow is a public holiday in New Zealand, Matariki, and this briefing will take a break. And remember, it is a holiday in the US tomorrow, Juneteenth. You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Nintendo owns CES, The future belongs to the internet & EA disses Sega These stories and many more on this episode of the VGNRTM! This episode we will look back at the biggest stories in and around the video game industry in September 1994.  As always, we'll mostly be using magazine cover dates, and those are of course always a bit behind the actual events. Alex Smith of They Create Worlds is our cohost.  Check out his podcast here: https://www.theycreateworlds.com/ and order his book here: https://www.theycreateworlds.com/book Get us on your mobile device: Android:  https://www.google.com/podcasts?feed=aHR0cHM6Ly92aWRlb2dhbWVuZXdzcm9vbXRpbWVtYWNoaW5lLmxpYnN5bi5jb20vcnNz iOS:      https://podcasts.apple.com/de/podcast/video-game-newsroom-time-machine And if you like what we are doing here at the podcast, don't forget to like us on your podcasting app of choice, YouTube, and/or support us on patreon! https://www.patreon.com/VGNRTM Send comments on Mastodon @videogamenewsroomtimemachine@oldbytes.space Or twitter @videogamenewsr2 Or Instagram https://www.instagram.com/vgnrtm Or videogamenewsroomtimemachine@gmail.com Links: If you don't see all the links, find them here:     https://www.patreon.com/posts/131691264 7 Minutes in Heaven: Zero Tolerance Video Version: https://www.patreon.com/posts/131666929     https://www.mobygames.com/game/10115/zero-tolerance/ Corrections: August 1994 Ep - https://www.patreon.com/posts/august-1994-123352781 Ethan's fine site The History of How We Play: https://thehistoryofhowweplay.wordpress.com/     https://en.wikipedia.org/wiki/Magic:_The_Gathering     https://en.wikipedia.org/wiki/Sega     https://www.retroreversing.com/super-famicom-snes-sdk/     https://archive.org/details/st-report             https://patentarcade.com/tag/alpex-computer-v-nintendo 1994: Street Fighter loses its luster     A Warrior of Video Games, The New York Times, September 6, 1994, Tuesday, Late Edition - Final, Distribution: Financial Desk, Section: Section D; ; Section D; Page 1; Column 6; Financial Desk ; Column 6; Byline: By ANDREW POLLACK,     Capcom's video game superhero, Mega Man, debuts this week in nationally syndicated cartoon series; Interactive software giant embraces Hollywood to create precedent-setting entertainment, Business Wire, September 7, 1994, Wednesday     https://www.imdb.com/title/tt0111301/?ref_=fn_all_ttl_2         https://www.imdb.com/title/tt0219458/?ref_=fn_all_ttl_14         https://www.imdb.com/title/tt0115421/?ref_=fn_all_ttl_1         https://en.wikipedia.org/wiki/USA_Action_Extreme_Team     https://www.imdb.com/title/tt0165046/?ref_=fn_all_ttl_1         Joe Morici - Capcom - https://www.patreon.com/posts/37289815 CD duplicators expand their offerings     "Keeping Track Of All Trades; Replicators Go Beyond The Basics, Branching Out Into Packaging,Distribution And More, Billboard, September 3, 1994, Section: CD REPLICATION; Spotlight; Pg. 86, Byline: BY PAUL VERNA           The Expanding Universe Of Replication; Companies Roll Out The Format Welcome Mat, Opening The Door To CDROM And Others, Billboard, September 3, 1994, Section: CD REPLICATION; Spotlight; Pg. 84, Byline: BY STEVE TRAIMAN" CD piracy explodes in Hong Kong     Software pirates strike gold, South China Morning Post (Hong Kong), September 15, 1994, Section: FEATURE; Pg. 25          https://www.youtube.com/watch?app=desktop&v=eEUNtQprsc0 Best Buy expands     Best Buy Plans Southern Calif. Invasion; Discounter Promises 'New Shopping Experience', Billboard, September 10, 1994, Section: Pg. 5, Byline: BY EILEEN FITZPATRICK Woolworth UK hit hard by drop  in computer software sales     Kingfisher offshoots turn in mixed performance, Financial Times (London,England), September 14, 1994, Wednesday, London, Section: UK Company News; Pg. 25,  Rhino sees slowdown     Rhino runs deeper into red at midway, Financial Times (London,England), September 20, 1994, Tuesday, Section: UK Company News; Pg. 26, Byline: By GARY EVANS Video game slump hits Wong         Video-game slump hits firm, South China Morning Post (Hong Kong), September 30, 1994, Section: BUSINESS; Pg. 18     Raymond Yap - Wong's International, Mondex - https://www.patreon.com/posts/108390526 Playmates shifts to games     Post-TMNT Playmates Goes Vid, Ad Day, September 19, 1994, Section: NEW PRODUCTS; Pg. 17 Software Toolworks becomes Mindscape     THE SOFTWARE TOOLWORKS, INC. BECOMES MINDSCAP , INC., PR Newswire, September 30, 1994, Friday - 19:34 Eastern Time Strauss Zelnick to head BMG     "Ex-IBM chief to head Canadian films group, Financial Times (London,England), September 15, 1994, Thursday, London; Section: International Company News; Pg. 27, Byline: By LOUISE KEHOE and REUTER          Ex-Film Executive Chosen To Head Bertelsmann Unit, The New York Times, September 14, 1994, Wednesday, Late Edition - Final, Distribution: Financial Desk, Section: Section D; ; Section D; Page 8; Column 5; Financial Desk ; Column 5; Byline: By SALLIE HOFMEISTER,            https://en.wikipedia.org/wiki/Strauss_Zelnick Katzenberg out at Disney     Now Playing: Disney in Turmoil, The New York Times, September 23, 1994, Friday, Late Edition - Final, Distribution: Financial Desk, Section: Section D; ; Section D; Page 1; Column 3; Financial Desk ; Column 3; Byline: By BERNARD WEINRAUB with GERALDINE FABRIKANT,     https://en.wikipedia.org/wiki/DisneyWar     https://www.amazon.com/Men-Who-Would-King-DreamWorks/dp/0547520271 Battletech Centers go online     L.A.-Vegas link makes virtual a new reality, The Hollywood Reporter, September 2, 1994, Friday            DISNEY'S GAME LINK, Variety, September 12, 1994 - September 18, 1994, Section: SPECIAL REPORT: INTERTAINMENT; Update; Pg. 33 Nicastro's to co-CEO WMS     Neil D. Nicastro appointed co-chief executive officer of WMS Industries, Business Wire, September 12, 1994, Monday Arnie's Place closes down     Scrappy Arcade Owner Gives Up the Fight, The New York Times, September 20, 1994, Tuesday, Late Edition - Final, Distribution: Metropolitan Desk, Section: Section B; ; Section B; Page 4; Column 1; Metropolitan Desk ; Column 1; ; Biography, Byline: Arnie Kaye, Special to The New York Times, Dateline: WESTPORT, Conn., Sept. 19           https://www.nytimes.com/1994/09/20/nyregion/scrappy-arcade-owner-gives-up-the-fight.html?searchResultPosition=1          http://arniesplacearcade.com/pictures.html Nintendo owns CES     https://archive.org/details/edge-012-september-1994/page/10/mode/2up?view=theater     https://archive.org/details/edge-012-september-1994/page/44/mode/1up?view=theater RPGs, adventures and doom clones abound on pc at ces     https://archive.org/details/computer-gaming-world-issue-122-september-1994/page/22/mode/1up?view=theater      Sega bypasses Japanese distributors     SEGA DECIDES TO SELL DIRECT TO RETAILERS, Computergram International, September 13, 1994 EA disses Saturn     No Headline In Original, Consumer Electronics, September 19, 1994, Section: NOTEBOOK, Vol. 34, No. 38 3DO's next gen system is a dog...     https://archive.org/details/edge-012-september-1994/page/6/mode/2up     https://en.wikipedia.org/wiki/Panasonic_M2 ESRB rates its first game     No Headline In Original, Consumer Electronics, September 12, 1994, Section: NOTEBOOK, Vol. 34, No. 37 Mortal Kombat II breaks records     Acclaim's 'Mortal Kombat II' breaks video game and film industry records with $50 million opening week, Business Wire, September 22, 1994, Thursday Sega and Nintendo plan big Xmas ad spends     Sega and Nintendo Prepare to Do Battle Over Holiday Season Sales, Wall Street Journal (3 Star, Eastern (Princeton, NJ), Edition), , September 21, 1994, Business and Industry, Section: Pg. B10; Vol. CCXXIV; No. 57; ISSN: 0099-9660 EA sees CD future     Electronic Arts Shifts Focus to CD-ROM Video Games, Wall Street Journal (3 Star, Eastern (Princeton, NJ) Edition), September 7, 1994, Business and Industry, Section: Pg. B4; Vol. CCXXIV; No. 47; ISSN: 0099-9660 CDi gets new slogan     A NEW STRATEGY FOR CD-I PHILIPS LOWERS PRICE, CHANGES SLOGAN  TO DRIVE SALES, Advertising Age, September 26, 1994, Section: Pg. 14         https://youtu.be/TgtBDVRwKCQ?si=77kblLoNQUYxSl16 China seen as growth market by Nintendo     Nintendo to launch game software production in China, Japan Economic Newswire, SEPTEMBER 6, 1994, TUESDAY, Dateline: TOKYO, Sept. 6 Kyodo     Taiwan firm to compensate Nintendo, Singapore Business Times, September 18, 1994 Sanyo avoids face off with Matsushita         Sanyo to market 32-bit computer game, Report From Japan, September 1, 1994     https://www.linkedin.com/feed/update/urn:li:activity:7327486440387289088/ Konix lives     Aiming to succeed where others have failed - MSU's CD systems look set to find their way into homes world-wide / Growth from Technology, Financial Times (London,England), September 8, 1994, Thursday, London, Section: UK Company News; Pg. 30, Byline: By ALAN CANE     https://www.konixmultisystem.co.uk/index.php?id=interviews&content=wyn Myst coming to laseractive     https://segaretro.org/Myst_(Mega_LD)         Pioneer gets LaserActive with 'Myst' software hit; Redford eco entertainment also set for format, The Hollywood Reporter, September 6, 1994, Tuesday, Byline: Scott Hettrick       https://segaretro.org/Legacy Time Warner picks up Rise of the Robots     Time Warner Interactive to release "Rise of the Robots" on CD-ROM and Floppy in United States; TWi also to release "Rise" on 10 interactive platforms in Europe, Business Wire, September 6, 1994, Tuesday, Dateline: MILPITAS, Calif.      Sega bets on Cornhuskers     "Sega Sports opens college football season by predicting this weekend's winners on the new ""College Football National Championship"" video game;Nebraska Cornhuskers take national championship on Sega Sports field, Business Wire, September 2, 1994, Friday" Shaq goes multiple media     ive, EA Hope Shaq Game/CD Promo Hits Nothing But Net, Billboard, September 24, 1994, Section: ARTISTS & MUSIC; Pg. 10, Byline: BY MARILYN A. GILLEN Chaos Studios renamed     Gamepro September 1994 pg. 161      Tensions between Intel and Compaq heat up     Compaq-Intel spat is fascinated dread, Financial Times (London,England), September 20, 1994, Tuesday, Section: Pg. 21, Byline: By LOUISE KEHOE and ALAN CANE PowerPC alliance unravels     BUSINESS TECHNOLOGY; Computing's Bold Alliance Falters, The New York Times, September 14, 1994, Wednesday, Late Edition - Final, Distribution: Financial Desk, Section: Section D; ; Section D; Page 1; Column 3; Financial Desk ; Column 3; Target moving out of PC business     No Headline In Original, Consumer Electronics, September 12, 1994, Section: NOTEBOOK, Vol. 34, No. 37 MOS technology sold         STARTING FROM ASHES OF OLD FIRM COMMODORE'S NORRISTOWN PLANT CAN BE SOLD TO A START-UP COMPANY, U.S. BANKRUPTCY COURT SAID., The Philadelphia Inquirer, September 24, 1994 Saturday FINAL EDITION, Section: BUSINESS; Pg. D01     CONTENDER FOR FIRM ADVERTISES FOR HELP ONE BIDDER FOR COMMODORE IS ALREADY SEEKING WORKERS. THE OTHER BIDDER SAYS IT WANTS THE RESUMES, TOO., The Philadelphia Inquirer, September 22, 1994 Thursday FINAL EDITION, Section: BUSINESS; Pg. C01     Der PC-Pionier stellte Antrag auf Konkurs,  Handelsblatt, September 13, 1994, Business and Industry, Section: Pg. 11; ISSN: 0017-7296 Wing Commander budget to break records     Computer Gaming World, September 1994 pg. 12     https://en.wikipedia.org/wiki/Transmetropolitan Activision brings back 2600 classics     ACTIVISION'S NEW ATARI 2600(TM) ANTHOLOGY - A REAL BLAST FROM THE PAST; ORIGINAL BEST-SELLING HITS TO BE AVAILABLE FOR WINDOWS EARLY '95, PR Newswire, September 20, 1994, Tuesday - 15:02 Eastern Time, Section: Financial News Monty Python comes to CDRom     COMPUTER GAMES: THE CIRCUS COMES TO TOWN; Jack Schofield on something very silly a CD-ROM celebration of Monty Python, The Guardian (London), September 22, 1994, Section: THE GUARDIAN ONLINE PAGE; Pg. T7      The Information Super Highway is destined to fail     "The information highway heads for the exit lane, The Age (Melbourne, Australia), September 13, 1994 Tuesday Late Edition, Section: NEWS; Features; Pg. 15" Ads will make the interactive world go round.     into the ring, ADWEEK, September 5, 1994, All Southeast EditionSouthwest EditionWestern Advertising News Edition, Section: SPECIAL REPORT, Byline: By Michael Schrage      The future belongs to content     "start your content engines, ADWEEK, September 5, 1994, All Southeast EditionSouthwest EditionWestern Advertising News Edition, Section: SPECIAL REPORT, byline: By Michael Krantz"      FCC to investigate interactive TV bidders     FCC probing interactive video bidders, The Hollywood Reporter, September 1, 1994, Thursday AT&T pushes The Edge over a ledge     AT&T Scraps Plan to Sell Gear For Video Game, Wall Street Journal (3 Star, Eastern (Princeton, NJ) Edition), September 1, 1994          AT&T PULLS PLUG ON EDGE 16, Consumer Electronics, September 5, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 36; Pg. 15          WHEN IT COMES TO NEW MEDIA, AT&T'S NOT PLAYING GAMES; AT THE MOVIES: TWO-WAY TV; RETAILERS SIGN ON TO INTERACTIVE TV; COMPUSERVE TO BE INTERNET PROVIDER; OTHER NEWS: , Advertising Age, September 05, 1994, Section: Pg. 13      BellAtlantic, Time Warner and Viacom face delays     Discord and Delay for Bell Atlantic Network, The New York Times, September 9, 1994, Friday, Late Edition - Final, Section: Section D; ; Section D; Page 1; Column 3; Financial Desk ; Column 3; Byline: By EDMUND L. ANDREWS, Compuserve moves to the internet     WHEN IT COMES TO NEW MEDIA, AT&T'S NOT PLAYING GAMES; AT THE MOVIES: TWO-WAY TV; RETAILERS SIGN ON TO INTERACTIVE TV; COMPUSERVE TO BE INTERNET PROVIDER; OTHER NEWS: , Advertising Age, September 05, 1994, Section: Pg. 13# Online services days numbered     The Executive Computer; In the On-Line Market, the Name of the Game Is Internet, The New York Times, September 25, 1994, Sunday, Late Edition - Final, Distribution: Financial Desk, Section: Section 3; ; Section 3; Page 7; Column 1; Financial Desk ; Column 1; XBAND to launch as Genesis exclusive     Sega and Catapult sign agreement to support XBAND game modem and network service, Business Wire, September 6, 1994, Tuesday,                   Catapult Video-Game Modem Gets a Boost From Sega, Nintendo, Wall Street Journal (3 Star, Eastern (Princeton, NJ) Edition), September 7, 1994, Section: Pg. B8; Vol. CCXXIV; No. 47; ISSN: 0099-9660     T-HQ announces debt and equity financings, Business Wire, September 19, 1994, Monday Playstation to go online... in France     Sony, France Telecom link in video game business, Japan Economic Newswire, SEPTEMBER 16, 1994, FRIDAY CDRom gets online updates     RealTime Moving Quickly Into Sports Arena; BMG, Nederlander Behind New CD-ROM Supplier, Billboard, September 17, 1994, Section: THE ENTER*ACTIVE FILE; Pg. 68, Byline: MARILYN A. GILLEN Mondex aims to revolutionize payments     A Visionary Pushes Toward the Cashless Revolution, American Banker, September 15, 1994, Business and Industry, Section: Pg. 12; Vol. 159; No. 178; ISSN: 0002-7561        https://www.patreon.com/posts/108390526?collection=481857 Futurist sees internet as savior of democracy     Books and Authors, The Associated Press, September 2, 1994, Friday, BC cycle, Section: Entertainment News, Byline: By ELIZABETH WEISE, Associated Press Writer           https://www.researchgate.net/publication/318765343_The_Virtual_Community_Homesteading_on_the_Electronic_Frontier UK magazine market collapses     GAMES MAGAZINES: A MILLION CRUEL CUTS, The Guardian (London), September 22, 1994, Section: THE GUARDIAN ONLINE PAGE; Pg. T3      Atari and Sega bury the hatchet     Sega and Atari Announce Longterm Licensing Agreements, Equity, Investment, and Resolution of Disputes, Business Wire, September 28, 1994, Wednesday Nintendo sues TSMC         NINTENDO FI ES SUIT AGAINST TAIWAN COMPANY TO STOP COUNTERFEITING OF VIDEO GAME SEMICONDUCTOR CHIPS, PR Newswire, September 13, 1994, Tuesday - 16:47 Eastern Time     919  921     COUNTERFEIT CHIP SUIT, Consumer Electronics, September 19, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 38     https://archive.org/details/AtariCorporationAnnualReport1994 Nintendo wins in Taiwan Court     Taiwan firm to compensate Nintendo, Singapore Business Times, September 18, 1994 9th Circuit rebukes Apple     Apple's Copyright Suit Against Rivals Rejected, The Associated Press, September 19, 1994, Monday, AM cycle, Section: Business News, Byline: By BOB EGELKO, Associated Press Writer      George Forman KOs Power Punch II in court     No Headline In Original, Consumer Electronics, September 5, 1994, Section: NOTEBOOK, Vol. 34, No. 36; Pg. 12      Acclaim mocap comes to the big screen     Acclaim Motion Capture Technology Tapped For Warner Bros. 'Batman Forever'; Special Effects to Employ Motion Capture, Business Wire, September 1, 1994, Thursday        https://www.youtube.com/watch?v=mZrZK9-stCM Watch the future of computing on your TV     https://archive.org/details/jcnhomecomputing/Home.Computing.1.XviD-VHSRip.avi          PCTV, INC. ANNOUNCES NEW @OME O FICE COMPUTER SHOWS AS PART OF FALL LINEUP OF TV PROGRAMS, PR Newswire, September 13, 1994, Tuesday - 06:57 Eastern Time Photoshop gets layered     Byte September 1994 pg. 30 Pulp Fiction wins Palm D'Or     THE MOVIE JUNKIE; The critics hated it, the audience hurled abuse: stand by for Quentin Tarantino's Pulp Fiction, The Guardian (London), September 19, 1994, Section: THE GUARDIAN FEATURES PAGE; Pg. T8 Recommended Links: The History of How We Play: https://thehistoryofhowweplay.wordpress.com/ Gaming Alexandria: https://www.gamingalexandria.com/wp/ They Create Worlds: https://tcwpodcast.podbean.com/ Digital Antiquarian: https://www.filfre.net/ The Arcade Blogger: https://arcadeblogger.com/ Retro Asylum: http://retroasylum.com/category/all-posts/ Retro Game Squad: http://retrogamesquad.libsyn.com/ Playthrough Podcast: https://playthroughpod.com/ Retromags.com: https://www.retromags.com/ Games That Weren't - https://www.gamesthatwerent.com/ Sound Effects by Ethan Johnson of History of How We Play. Copyright Karl Kuras

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.And today we lead with news we are seeing signs of the US economy losing steam just as the US Fed meets.First up today, the overnight full dairy auction brought slightly lower prices, down nearly -1% overall. This was a smaller decline than the futures market expected. In NZD terms the dip was marginally more, down -1.2%. In the end the dip in the WMP price was only -2.1% and far less than expected. The SMP price dipped -1.3%. The volumes sold were at seasonal lows. All-in-all an auction event that will change little.Also uninspiring were US retail sales in May. It slowed to a +3.3% expansion year-on-year from a downwardly revised +5.0% in the previous month. Given that US CPI inflation is being recorded at 2.4%, the volume steam has gone right out of the American retail impulse. It is surprising many analysts. Month on month, retail sales actually fell. Overall, this was the weakest result since November 2024.US industrial production in May fell too, down -0.2% from the prior month, to be +0.6% higher than a year ago. These are 'real' volume numbers and signal what the Beige Book has been suggesting - a factory sector that is losing ground.It is no better in their housebuilding sector. The NAHB/Wells Fargo Housing Market Index fell in June to its lowest since December 2022. Expectations were that it would improve, so another economic drag is building. Builders aren't happy facing higher tariff-tax costs when demand is leaking away.But these may be just the start. The tough new policies toward immigrants are being felt in ways some foresaw and will have a long term impact on American demographics. Suddenly the outflow of people from the US exceeds the inflow. And it is younger workers leaving which is making costs for servicing an expanding older population rise and much more suddenly that was expected. The speed of these changes is quite corrosive, the first time in 50 years they have had to face the fact that the US is no longer a magnet for the aspirational.And the big all-in-one US budget bill from the Trump Administration, which is struggling to get Congressional approval, is already having a depressive impact. International investors, including the giant sovereign wealth funds, face sharp new American taxes on their US investments. Most have now halted assigning funds to US opportunities. If the bill passes, there could be a rather sharp outflow of existing investments, one that would impact the USD and their current account.The US Fed FOMC is currently meeting and will report is decisions tomorrow. No change to their 4.5% policy interest rate is expected, but they will be watching the stagflation pressures of higher inflation and lower growth with some alarm, you would imagine.Across the Pacific, the Bank of Japan also held its key interest rate steady following a two-day policy meeting, keeping its rate at 0.5% amid economic uncertainty stemming from US trade policies. This marks the third consecutive meeting after which the central bank has maintained the rate; the last increase came in January.In China, new data forecasts out from the IEA shows that China's oil demand is set to peak in 2027, a trend that it calls a "fundamental transformation" in the global energy market. China has accounted for 60% of the growth in global oil demand in the past decade and slowing demand in the world's second largest economy is set to contribute to a significant surplus in oil by the end of this one.It is not all gloom. In Germany, the ZEW Indicator of Economic Sentiment surged in June to its highest level since March's three-year peak and far exceeding market expectations. That sudden sentiment boost helped propel the wider EU survey results too.The UST 10yr yield is now at 4.39%, and down -7 bps from yesterday. The price of gold will start today at US$3,387/oz, and down -US$4 from yesterday.American oil prices are still in the higher zone, up +US$2.50 from yesterday at just on US$74.50/bbl while the international Brent price is now just under US$76/bbl.The Kiwi dollar is now just under 60.2 USc, back down -½c from yesterday. Against the Aussie we are up +20 bps at 93 AUc. Against the euro we are down -10 bps at 52.4 euro cents. That all means our TWI-5 starts today at on 68.2 and down -20 bps from yesterday.The bitcoin price starts today at US$103,962 and down -3.7% from yesterday. Volatility over the past 24 hours has been moderate at just on +/-2.4%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news there are hopes, early ones at this stage, that Iran is looking for an off-ramp in its fight with Israel, or at least, so says Trump. That was enough to bolster equity markets today. But the USD is falling and bond yields are rising.But it is shaky with the G7 summit talks starting in Banff, Canada, and all participants having starkly different viewpoints from the US which seems to be trying to get Putin's Russia back into the group. Included in those sidebar meetings is one between Trump and Australian prime minister Albanese. It's going to be a weird experience, but weird is what the US does these days on public policy.Back focusing on economic data, so far there are few signs of manufacturing reshoring in the New York region. Business activity continued to decline in New York State in June, according to firms responding to the Empire State Manufacturing Survey. The headline general business conditions index fell seven points to a deeper contraction. New orders and shipments both declined. However, the outlook of firms surveyed brightened to 'less negative'.There was another long bond auction of US Treasuries earlier today, for the 20 year bond. This drew -13% less demand so the recent investor appetite pullback is extending. It delivered a median yield of 4.88% which was actually lower than the 4.97% at the prior equivalent event a month ago.A recent review by the New York Fed of "who is paying the tariffs" found about 90% of manufacturers and about three-quarters of service firms import some goods, with the average imported input share among all firms at around 30%. And so far most businesses are passing on most of these additional costs to their customers. And relatively quickly. So it is a bit of a puzzle why the tariff taxes haven't yet shown up in consumer price indexes.In Canada, housing starts stayed very high again in May after the unusual jump in April, coming it at almost +280,000 annualised rate when only +248,000 were expected. This was almost the best month since September 2022 and the best two month gain ever. Canadian new house building is on a roll, especially in Montreal (+11%) and Vancouver (+10%). It would be interesting to know how much this is being driven by political refugees from the US, but we have no indications on that.Bolstering the rise in housing starts is that home sales rose in May, their first rise since November.India released its May trade data overnight and its exports delivered an unremarkable result, reinforcing that the rise of Indian manufacturing is not being export-led. Its imports actually eased lower in the month.There was important Chinese released yesterday showing electricity production was only up +0.5% in May from the same month a year ago, maintaining the weak gains that started in November 2024. This is hard to square with their data claim that industrial production was up +5.8% on the same basis.China also reported that its May retail sales rose a very healthy +6.4% from a year ago, well above the +5.0% expected and the +5.1% gain in April. It is a 15 month high. At face value this is a surprisingly strong gain.In their housing markets, China reported that new house prices fell -3.5% but the least year-on-year fall in a year. Month on month they say more gains are now showing. Prices for resales were down more year-on-year, and there are no major cities where they are rising.And recent remarks by Chinese Premier Li seem to confirm that their residential property development market is not improving, and perhaps at a new dangerous stage. Beijing is facing a new round of bailouts to prevent collapse in the sector, once a star of the Chinese economy.In the EU, they reported that wage growth in Q1-2025 was up +4.1%, less in the euro area. This was a slowing from the recent peak of +5.7% in Q1-2024. These is a rather fast cooling-off in Germany, Italy and the Netherlands, whereas wages are rising faster in Spain and France.Off to a very strong start, Airbus has announced huge orders at the Paris air show. The troubles at Boeing have meant that their CEO is a notable no-show. Also of interest is that France has shut down the Israeli presence at the trade event.The UST 10yr yield is now at 4.46%, and up +5 bps from yesterday. The price of gold will start today at US$3,392/oz, and down -US$38 from yesterday.American oil prices are still in a higher zone, although down -US$1 from yesterday at just on US$72/bbl while the international Brent price is now just over US$73/bbl.The Kiwi dollar is now just under 60.7 USc, up +½c from yesterday. Against the Aussie we are uup +10 bps at 92.8 AUc. Against the euro we are up +40 bps at 52.5 euro cents. That all means our TWI-5 starts today at on 68.4 and up +50 bps from yesterday.The bitcoin price starts today at US$107,915 and up +2.0% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news the hot-war tensions in the Middle East from Israel's attack on Iran has generated substantial financial market reaction. And a 'hot' war between Israel and Iran could go on for a very long time. The first three days may only be the startThe gold price has jumped. The oil price has soared. Equity prices are falling, although the futures market suggests Wall Street may open tomorrow unchanged. Bond yields are up after an earlier risk-aversion fall. The US dollar has been falling but is now in a wavering phase.Coming up this shortened week locally are a first look at May inflation with the selected price indexes, and on Thursday, Q1-2025 GDP. Expect a +0.7% expansion from Q4-2024. And there will be a full dairy auction on Wednesday.Geopolitical tensions in the Middle East will remain in focus next week following Israel's strike on Iran's nuclear facilities, heightening fears of a broader regional conflict. Markets will also be closely watching any progress on trade negotiations between the US and its key partners.Meanwhile, attention shifts to the G7 Summit in Canada, where leaders of the world's largest economies will meet to discuss major global challenges. But one not on the formal agenda is the US's trade war with these allies. Of course it will be a hot topic in non-official discussions. Of special interest will be the meeting between Australia's Albanese and Trump.It's also a busy week for monetary policy decisions. The US Federal Reserve (4.50%), People's Bank of China (LPR 3.0%), Bank of Japan (0.5%), and Bank of England (4.25%) are all expected to keep interest rates unchanged. Decisions are also due from central banks in Switzerland, Sweden, Norway, Turkey, Brazil, Indonesia, the Philippines, and Taiwan. On the data front, we get China's industrial production and retail sales, and Japan's trade data.Australia's May labour market data will be updated on Thursday. So a lot to absorb this week irrespective of the uncertainties swirling over the hot wars.Bur first in China, their banks extended ¥620 biln in new yuan loans in May, up from ¥280 bln in April, but that was the lowest level for that month since 2005. Despite the monthly rebound, the May new loan figure was way less than the expected ¥850 bln, and even lower than the ¥950 bln in May 2024. Low interest rates are not encouraging lending. The average rate in May was little-changed at 1.55%.Japanese industrial production also fell in April from March, down -1.1%, but remained +0.5% higher than a year ago.Malaysian retail sales were up +4.7% in April from a year ago, but as good as that sounds it is the weakest year-on-year rise since May 2023. And these gains are before inflation, which is running in Malaysia at only +1.4%.In the US was news American consumer sentiment improved in early June from May in the widely-followed University of Michigan survey which was taken June 2-7, 2025. Although this is the first improvement in the past six months, it is off a record low and is still -11% lower than year-ago levels. This survey pre-dates the current crises. And it predates the widespread (2000+) series of well-attended protest rallies in the US (attended by up to 5 mln people), even in the face of an assassination of one Democrat lawmaker and the attempted assassination of another. Given the Proud Boys Telegram chatter, this isn't so surprising.On the US West Coast, container traffic at the large Los Angeles shipping terminals fell in May. Import traffic was down -19% from April, down -9% from a year ago. Export loadings were down -5% from a year ago. (The Long Beach May data isn't available yet but it is likely to be similar.)North of the border, and perhaps somewhat surprisingly, Canadian vehicle purchases rose in April to 195,700, the highest level since June 2019. Perhaps this is boosted by buyers wanting to avoid tariff-related price hikes. The jump was country-wide and was +11% above the year-ago level.Meanwhile Canadian manufacturing sales fell -2.8% in April, with the tariff impacts starting to be felt. It was down -2.7% from a year ago. Recession risks are rising in Canada.EU industrial production sagged in April from March after a strong March gain, but managed to stay marginally higher than year-ago levels. The EU publishes this data on a volume basis, so this is a 'real' gain.Finally we should probably note that the price of lithium carbonate has now crashed -90% from its giddy height in 2022. It is now back to late 2020 levels before the frenzy.The UST 10yr yield is now at 4.41%, and unchanged from Saturday.The price of gold will start today at US$3,430/oz, and down -US$3 from Saturday but up +US$115 from a week ago. In contrast the silver price at US$36.17/oz is little-changed from a week ago.American oil prices are holding higher, although down -50 USc from Saturday at just on US$73/bbl while the international Brent price is now just under US$74.50/bbl. These are large jumps from a week ago on the war risks. And the full assessment of supply risks are not yet understood, so this price could be volatile this week.The Kiwi dollar is now just under 60.2 USc, down -10 bps from Saturday. Against the Aussie we are unchanged at 92.7 AUc. Against the euro we are down -10 bps at 52.1 euro cents. That all means our TWI-5 starts today at over 67.9 and down -20 bps from Saturday (shifted a bit by a fall against the British pound).The bitcoin price starts today at US$105,794 and up +0.6% from Saturday. Volatility over the past 24 hours has been low at just on +/-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 will do this again tomorrow.

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.And today we lead with news incoherent trade policies have driven the US dollar to its lowest level since 2022 as markets don't see any easing of geopolitical risks driven out of Washington. The US said it will set unilateral tariff rates on most trading partners at the end of the month.Meanwhile, US initial jobless claims came in at 245,000 last week, little-changed from the prior week. This embeds the recent higher level and extends the 2025 rising trend. We haven't seen two consecutive high-claims weeks since mid 2023. There are now 1.8 mln people on these benefits, +7.1 more than year-ago levels.The immigration crackdown on undocumented farm and hospitality workers is having ripple impacts on corporate America, with some major brands reporting stuttering sales.And the Congressional Budget Office has set out how the Trump Budget Bill will hurt middle and poor Americans, and enrich wealthy ones. It is a report sure to annoy the President.And he is already annoyed by the Fed not cutting interest rates.Separately, as analysts expected, US producer prices came in +2.6% higher in May than a year ago.The UST 30yr bond auction today saw a -7.5% fall in investor demand, mirroring the -10% drop in support we noted yesterday in the UST 10yr auction. The median yield came in at 4.80%, up from the 4.75% at the prior equivalent event a month ago.Elsewhere, India's CPI inflation fell to 2.8% in May from 3.2% in April and dipping below analyst expectations of 3%. This is their lowest reading since February 2019, so a six year low. It is also getting closer to the bottom of their central bank's inflation target range of 2%-6%. Food price rises fell to the lowest level since October 2021, and drove the easing.In Australia, the Melbourne Institute survey for June shows inflation expectations there rising to 5.0%, the highest level since July 2023 and up sharply from the 4.1% in May.International container freight rates were unchanged last week from the prior week to now be -26% lower than year-ago levels. A year ago rates were in a strong rising trend which lasted until July, then they eased steadily until May 2025. Bulk freight rates rose +6.8% last week from the week before to their highest level since early November. They are now -5.2% lower than year ago levels.The UST 10yr yield is now at 4.36%, and down -6 bps from this time yesterday.The price of gold will start today at US$3,383/oz, and up +US$60 from yesterday.American oil prices are up another +US$1.50 at just over US$68.50/bbl while the international Brent price is now just over US$69.50/bbl.The Kiwi dollar is now just over 60.6 USc, up +20 bps from yesterday. Against the Aussie we are also up +20 bps at 92.9 AUc. Against the euro we are down -20 bps at 52.4 euro cents. That all means our TWI-5 starts today at under 68.3 and essentially unchanged from yesterday.The bitcoin price starts today at US$108,419 and down -0.6% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.1%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

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.And today we lead with news China and the US seem to have agreed some sort of trade deal although the details are still quite fuzzy. However a key part seem to be that the US will only get access to the rare earth minerals on a 180 day rolling basis. That means Beijing will retain key leverage over these negotiations as they develop.From data out in the US, CPI inflation was recorded at 2.4% in May, up marginally from 2.3% in April but coming in lower than the +2.5% expected. Food prices however were up +2.9%, rents up +3.9% in this survey. The only reason the overall level was modest is that petrol prices fell -3.5% from a year ago.Interestingly, US crude oil prices were near a one-year high a year ago at US$78/bbl. Today they are at US$67/bbl. But they have fallen steadily from there so after August it seems likely that US petrol prices will generate upward pressure on their CPI, just about at the time tariff-tax flow throughs start to bite. Could get "interesting" in about 90 days.Meanwhile US mortgage applications jumped more than +12% last week from the prior weak three weeks. It is a pattern we have observed since September - three weeks of declines followed by a single week of recovery, usually because those holding off refinancing while waiting for rates to fall can't wait any longer. The benchmark 30 year fixed rate was unchanged last week at 6.93% plus points.There was another US Treasury 10 year bond tender earlier today, and this one featured an outsized fall in demand. There were more than -10% less bids than at the prior equivalent event. The median yield achieved was 4.38% today, up from 4.28% at that prior equivalent event.This is the first time we have seen a big fall-off in demand in these official tenders, so it will be worth keeping an eye on it going forward to see if this is a one-off, or the feared pullback in investor appetite for Trump-debt.At the same time, the US Budget Statement for May showed a monthly deficit of -US$316 bln, only marginally less than the -US$346 bln for the same month a year ago. Higher tariff collections at the border are getting the credit, of US$23 bln in the month. That would mean the DOGE has had zero impact on the budget. They have booked a -US$2 tln deficit in the twelve months to May, and on track for more than that for their fiscal year to September. If the current Budget Bill passes with its tax cuts for the rich, and suspension of the debt ceiling, you can see why investors would want sharply higher risk premiums for holding US federal debt when the mismanagement is so rife.In Canada, April building consents came in -6.6% below March levels to be -16% lower than year ago levels (which featured a strong April 2024 surge).In China, May vehicle sales came in at almost 2.7 mln units in the month with almost half of them NEVs. That puts sales for the past year at a remarkable 32.7 mln, and more than double the level in the US (15.6 mln units in the past year). One key reason is the Beijing-backed trade-in incentives that are designed to support their manufacturing activity through the tariff-war and their drive to build and rely more on internal consumption. It seems to be working with this incentive in place, but can they wean themselves off it?The UST 10yr yield is now at 4.42%, and down -5 bps from this time yesterday. The price of gold will start today at US$3,323/oz, and virtually unchanged from yesterday.American oil prices are up +US$2 at just over US$67/bbl while the international Brent price is now just under US$69/bbl.The Kiwi dollar is now just over 60.4 USc, basically holding from yesterday. Against the Aussie we are also holding at 92.7 AUc. Against the euro we are down -30 bps at 52.6 euro cents. That all means our TWI-5 starts today at under 68.3 and down about -10 bps from yesterday.The bitcoin price starts today at US$109,115 and up +0.4% from yesterday. Volatility over the past 24 hours has remained low at just on +/-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 will do this again tomorrow.

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.And today we lead with news we are still waiting for indications of the China-US trade talks in London.Meanwhile, the World Bank said global trade expansion is now at its weakest since 2008 as the tariff tit-for-tat undermines it. They say without a swift course correction, "the harm to living standards could be deep". But they still see a global expansion of +2.3%, largely driven by China, Indonesia, Thailand and India. The retreat of growth in the US will be sharp they say halving in 2025 (+1.4%) from 2024 (+2.8%). The EU will be largely unaffected and maintain their low growth. Japan's low growth is expected to rise in the next three years. They don't review Australia or New Zealand.Elsewhere, the overnight dairy Pulse auction brought downbeat results. The key WMP price fell -1.1% in a retreat expected by the derivatives market. But even at this level it remains in the rising trend that started in mid-2024. However, the SMP price fell a hard -4.8% and much more than expected. In fact, SMP prices have now broken through their weak rising trend, and look quite vulnerable.Also showing signs of running out of steam were US retail sales growth as measured by their Redbook survey. They were up +4.6% from the same week a year ago, the weakest rise since March 2024. After inflation, this isn't any better.The the US NFIB small business optimism survey turned up in May, the first time it has done that in 2025.There was a US Treasury 3 year bond auction earlier today and that showed a small fall-off in support, something worth watching. The winning investors got a median yield of 3.92%, up from the 3.77% at the prior equivalent event a month ago.Across the Pacific, Japanese machine tool orders came in at a similar level in May as April, but that is only a +3.4% gain from the same month a year ago. It was kept positive by export orders, although domestic orders, which had been strong earlier in the year, are now cooling.In China, concerns persist about overproduction in their car manufacturing sector even though local new-vehicle sales overall, including exports, rose almost +10% in April. Those concerns are rippling through commodities that supply this juggernaut industry. Rubber prices, for example, are being hit hard as buyers lose confidence the China car industry can avoid a crash like the property sector. There are signs the government there is worried too, with Beijing telling carmakers to make sensible commercial decisions.In Australia, the Westpac-Melbourne Institute consumer sentiment survey wasn't particularly upbeat, coming in little-changed in June from May. But at least it isn't going backwards. Aussie consumers remain relatively averse to real estate as an investment option and to risk in general. Indeed, responses to a question on the ‘wisest place for savings' suggest that the tariff-related turmoil this year has seen what was already a high level of risk aversion intensify even further.And staying in Australia, the closely-watched NAB business sentiment survey has improved marginally in May, recording its first positive reading in four months. But, business conditions weakened in this survey and it will be hard for sentiment to improve if business conditions get weaker. Those weaker conditions came from ongoing profitability pressures and soft demand, with signs of a further softening in labour demand.The UST 10yr yield is now at 4.47%, and down -2 bps from this time yesterday.The price of gold will start today at US$3,323/oz, and down -US$10 from yesterday.American oil prices are little-changed at just on US$65/bbl while the international Brent price is now just on US$67/bbl.The Kiwi dollar is now at 60.4 USc, and dipping -10 bps from yesterday at this time. Against the Aussie we are also down -10 bps at 92.7 AUc. Against the euro we are down -10 bps at 52.9 euro cents. That all means our TWI-5 starts today at under 68.4 and down a bit less than -10 bps from yesterday.The bitcoin price starts today at US$108,723 and up +0.4% from yesterday. Volatility over the past 24 hours has been low at just on +/-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 will do this again tomorrow.

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.And today we lead with news the US and China are meeting in London to discuss China's block on exports of rare earth minerals that the US manufacturing sector needs. The hope is that the settlement will have the US pull back from its tariff-tax war. More likely, it will be a trade of US AI chips for Chinese rare earth minerals.In the background, the dismantling of civil society and the rule of law continues in the US, but you will have to get news of those overnight events elsewhere - even though they will have a corrosive impact on commerce.Our first item in the US is that consumer inflation expectations fell back in June to 3.2% for the year ahead, which wasn't what was expected. But a look at the components explains why. It was driven by the expectation that petrol prices will drop - on a weakening economy. On the other hand those surveyed expected food prices to rise to 5.5% which is a two year high, rents by 8.4%. The expectation that their jobless rate will rise remained high.And we should probably point out that analysts are noting that the UST 10 year yield (4.5%) is now well above the US nominal GDP growth rate (3.8%) for the fits time since 2011, and that is seen as a signal that corporate insolvencies will now rise noticeably after a long period of relative stability.China said its CPI price change held at -0.1% of deflation. That is the third month in a rose it has reported that, the fourth recording deflation. It does seem odd, and a tad unlikely, that Chinese consumer prices are consistently deflating at such a low level. Anecdotal observations talk of 'raging price wars'. According to the official data these are having zero impact. Year-on-year they say beef prices are down -0.1%, lamb prices are down -2.8% and milk prices are -1.5% lower. But beef prices did rise in May from April, according to this data.Meanwhile Chinese producer prices deflated more, down -3.3% from a year ago to their fastest rate of decline since July 2023.And China booked another bumper trade surplus in May. Exports rose +4.8% (about what was expected but historically low), while imports fell -3.4% and far more than expected. They benefited from the TACO trade in May. Their surplus with the US was +US$18 bln for the month although they did export less and import more. To New Zealand, they exported -3% less but imported +11% more, so our surplus rose. To Australia, their exports were little-changed but they imported almost -19% less in May.In Taiwan, they far outshone their neighbour and rival with a huge rise in exports (a new record high) and a large rise in imports from the same month a year ago. That contributed to a trade surplus of +US$12.6 bln in the month, now one eighth that of China even though their economy is only one twentieth as large.The UST 10yr yield is now at 4.49%, and down -2 bps from this time yesterday. The price of gold will start today at US$3,334/oz, and up +US$26 from yesterday.American oil prices are firmish, up +50 USc at just on US$65/bbl while the international Brent price is just under US$67/bbl.The Kiwi dollar is now at 60.5 USc, and up +30 bps from yesterday at this time. Against the Aussie we are up +10 bps at 92.8 AUc. Against the euro we are up +20 bps at 53 euro cents. That all means our TWI-5 starts today at over 68.4 and up +20 bps from yesterday.The bitcoin price starts today at US$108,312 and up +1.9% from yesterday. Volatility over the past 24 hours has been modest at just on +/-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 will do this again tomorrow.

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.And today we lead with news that despite the Trump-generated spectacle of intimidation and violence in Los Angeles against immigrant communities, the economic news has been contained.This coming week is not a big one for local data releases, but in Australia we will get updated surveys of both consumer (Westpac/MI), and business (NAB) sentiment surveys. Not a lot of change is expected in either.There will be a June update of American consumer sentiment from the widely watched University of Michigan. And we will get CPI updates for May from both the US (expect a small rise to 2.5% (and China (expect slightly deeper deflation at -.2%). India will also release May CPI data (expect little change).The Chinese will also release export and import data. Japan will update its machine tool order data. And Germany will release some wholesale price data too.Over the weekend, and in something of a relief, the US May non-farm payrolls growth came in at +139,000, little different to the expected +130,000 and only a minor retreat from the +147,000 growth in April. But that is a bit below the average for 2024 and well below the average for 2023, and the lowest expansion for a May since 2020. In data not seasonally adjusted, it was the lowest since 2016. The US labour market seems to be plateauing after a rather strong recovery in the prior four years.Average US weekly earnings rose +3.9% in May from the same month a year ago, similar to earlier 2025 months and the same as the average for a May over the past ten years. The jobless rate was unchanged at 4.2%.But hiring freezes and production cutbacks seem to be the themes coming out of corporate America. The landscape for reshoring isn't good, apparently.And the data is becoming clearer that foreigners are avoiding the US as a travel destination, and not just Canadians, with anti-American sentiment on the rise in Europe too. Companies like Airbnb, Booking.com and Expedia all said that their financial results will be weaker than expected because of the softening demand.Total US consumer credit rose by +US$18 bln in April or +4.3%, up from a +$10 bln increase in March and better than expected. So this expansion, while modest, is back to a 'normal' pace. Revolving credit (credit cards) increased at an annual rate of +7%, while nonrevolving credit (car loans and similar) rose at a letter 3.3% rate.There was May Canadian labour market data out over the weekend too. Somewhat surprisingly, that delivered an expansion of +8,800 jobs when a -15,000 reduction was anticipated. Even better, +57,700 new full-time jobs were added in May balanced by a reduction of -48,800 part-time jobs. So, overall a rather surprising net gain.However, their jobless rate rose to 7%, the first time it has hit that level since 2016 (apart from the pandemic), so that probably raises the chance of a rate cut at their next review at the end of July.In Japan, the level of central bank bond buying tapering continues to raise concerns and undermine demand by other potential investors. It is also raising questions about the value of the yen. There is elevated debate about the right level from here and the central bank may have to slow its tapering operation. The void their tapering is leaving is not being filled by the private sector. And that could seriously twist Japanese interest rates.Late on Friday, the Indian central bank cut its policy rate again, with an outsized -50 bps cut to 5.5% when a -25 bps trim was expected. That makes it a full -100 bps reduction since February. They say the outsized move was required by the combination of fast- easing inflation and ongoing uncertainty surrounding global trade tensions.The Russian central bank also surprised with a rate cut when one wasn't expected. It cut -100 bps to 20% under Kremlin pressure, and claiming that "inflation is under control".EU retail sales for April came in surprisingly strong. They report these on a volume basis and were +2.8% higher than in April 2024. Only a +1.4% expansion was expected, and the March expansion was +1.9%. So a great result for them. Most other countries are not getting inflation-adjusted retail growth anything like this.Today is a public holiday in Australia, so our markets will be quiet.Meanwhile, both sides seem to be gearing up for trade talks between China and the US - in London.The UST 10yr yield is now at 4.51%, and unchanged from Saturday, up +9 bps for the week. The price of gold will start today at US$3,308/oz, and down -US$10 from Saturday. That is up +US$24 from US$3294/oz a week ago.American oil prices are holding at just on US$64.50/bbl while the international Brent price is still the same at just on US$66.50/bbl.The Kiwi dollar is now at 60.2 USc, and unchanged from Saturday at this time. Against the Aussie we are also unchanged at 92.7 AUc. Against the euro we are still at 52.8 euro cents. That all means our TWI-5 starts today at just on 68.2 and unchanged from Saturday.The bitcoin price starts today at US$106,270 and up +1.5% from Saturday. 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,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.And today we lead with news US Republicans are becoming more like the CPC than they probably realise.But first, there were 209,000 initial jobless claims in the US last week, a small decrease from the prior week but less of a decrease seasonal factors would have assumed. That resulted in the widely reported seasonally adjusted level to jump to its highest in eight months. There are now 1.757 mln people on these benefits, almost +100,000 more than at this time last year.That level may grow. The Challenger job cut report came in with another outsized count for May, and were up +47% over the same in 2024. They say layoff activity is now spreading to other sectors than just the Federal government.US exports rose slightly in April, enough to claim an all-time record high. And as expected, actually a bit more than expected, US imports fell sharply after the March pre-tariff splurge. The average of March and April was about the same level they recorded in each of January and February 2025. For April 2025, the US$350 bln in imports were little-different to the April 2024 level of US$340 bln. It only looks like a big drop because of all the front-loading generated by tariff-tax uncertainty.We should note that US data reliability may become more like Chinese data - heavily influenced by politics. In a random note, the BLS said it isn't going to survey prices as deeply anymore, which could mean "inflation" will be what the Administration says it is. They are also shifting that statistics agency to be under Howard Lutnick's control. And the Republicans have gone on the attack at the bipartisan Congressional Budget Office for saying their new Budget will swell their deficit by US$2.4 tln. The employees who released that are being laid off. They will be replaced with more compliant analysts.Meanwhile, there has been a phone call between China president Xi and US President Trump. But is seems to have achieved little other than agreement for more talks. However, mutual visits are a likely result, and the set-piece opportunities may give Xi an opportunity to get Trump to "chicken out".North of the border, Canadian exports fell more than -10% while their imports fell -3.5% in April. Again, the same trade and tariff-war factors are at play here, and that has resulted in a record trade deficit for them.In China, the Caixin China General Services PMI rose in May from April's seven-month low and in line with market forecasts of only a very modest expansion. This survey shows a small uptick in new business and activity, despite a renewed decline in new export orders. New export orders fell for the first time in 2025, dampened by Trump's tariffs. The official Chinese services PMI also showed a modest expansion, one weaker than this Caixin version.In Taiwan, their inflation rate eased to 1.6% in May from 2.0% in April, and that is its lowest rate since March 2021. They are back to about what it was running in the years prior to the pandemic.Singapore released April retail sales data and that showed virtually no expansion there. Over the past six months, their retail activity has been quite unstable in its ups and downs.As expected, the ECB cut its key interest rates by -25 bps at its overnight meeting, to 2.15%. Updated inflation and economic forecasts show eurozone inflation is near their 2% target, with projections showing 2.0% in 2025 (vs 2.3% previously), 1.6% in 2026 (vs 1.9% previously), and 2.0% in 2027. They say their expansion is being held back by global events but all the same they see their combined economy expanding slightly faster over the next three years.Australia's exports rose +2.1% in April from the same month a year ago. Their imports were up +3.5% on the same basis. The result was a sharp weakening in their merchandise trade surplus, as you might have expected. It would have been worse if their gold exports had not come in +48% higher than year ago levels in April. The longer term view of the year to April 2025 compared to the year to April 2024 saw exports down -5.2% and imports up +2.7% showing the balance is tightening over the longer term too.Household spending in Australia in April was flat. But spending on recreational and cultural activities, health, and dining out contributed to a +1.5% rise in services spending, while spending on goods fell by -1.1%, with households buying less clothing and footwear and new vehicles.Last week, container freight rates jumped an outsized +41% from the prior week, with capacity struggling to cope with the sudden Trump tariff-tax pause and a new rush to beat what might happen in 90 days. It was impossible for shipping lines to adjust capacity for this unexpected shift. The largest rises were trans-Pacific rises, up almost +60%. Despite that, these container freight rates are now -25% lower than year-ago levels, although those year ago levels were in a sharp upswing that ran to mid-July 2024. Bulk cargo rates are also on the move up, gaining +9.5% in the past week.The UST 10yr yield is now at 4.39%, and up +4 bps from yesterday. Wall Street is weaker with the S&P500 down -0.7% in Thursday trade as confidence in public policy fades in a sudden Trump/Musk slanging match. The price of gold will start today at US$3,352/oz, and down -US$28 from yesterday.American oil prices are up +50 USc at just over US$63/bbl while the international Brent price is up the same at just over US$65/bbl.The Kiwi dollar is still at 60.4 USc, essentially unchanged from yesterday at this time. Against the Aussie we are also unchanged at just under 92.8 AUc. Against the euro we are up +10 bps at 52.9 euro cents. That all means our TWI-5 starts today at just on 68.3 and up +10 bps from yesterday.The bitcoin price starts today at US$103,373 and down -1.6% from yesterday. Volatility over the past 24 hours has been modest at just under +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

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.And today we lead with news that poor American data has seen risk aversion rise in financial markets with the USD falling, benchmark bond prices rising (yields falling), many key commodity prices either falling or showing weakness, and Wall Street underperforming global markets.The poor data was important and widespread.US mortgage applications fell last week for a third week in a row, this time by a solid -3.9% from the prior week but is +18% higher than year ago levels, even if year ago levels were quite weak. The benchmark 30 year mortgage interest rate dipped last week which makes the application levels look even weaker.Meanwhile there was weakness in the US labour market. We get the non-farm payrolls report on Saturday (NZT) but the pre-cursor ADP Employment Report was out today and it was expected to show a +117,000 jobs gain in May. But in fact it only reported a +37,000 gain - and April data was revised lower. There is no evidence in this data that factories are hiring to meet reshoring demand.And the widely watched ISM services PMI isn't showing much optimism either, slipping into a small contraction, its first since June 2024 with all the post-election hubris now evaporated. A feature of this report is the sharpness of the 'new business' component fall.And staying in the US, vehicle sales tumbled in May, falling to an annual rate of 15.65 million units. That was well short of analyst's cut-down expectations of 16.3 million and the steepest monthly decline in nearly five years. In April, sales ran at a 17.25 million rate and that was itself below the 17.8 mln rate in March when buyers rushed to get ahead of anticipated tariff-tax price hikes. Although sales at a 15.65 mln rate isn't nothing, it does indicate the margins of this market is quite price sensitive.So it will be no surprise to know that the US Fed Beige Book for May paints an uninspiring picture in most regions. Half of the Districts reported slight to moderate declines in activity, three Districts reported no change, and three Districts reported slight growth. All District reports indicated that higher tariff rates were putting upward pressure on costs and prices.Things may not improve for the American. Trump is now whining that XI won't take his call. (But he did call Putin who took his call.) And China seems to be on the verge of signing a massive aircraft deal with Airbus, at the direct expense of Boeing.Finally, the Congressional Budget Office has calculated the fiscal impact of the big Trump Budget Bill - saying it will add US$2.4 tln to US deficits, the largest expansion of these deficits ever through gigantic tax cuts for the wealthy. It may be no surprise that Trump can't do basic math, but that the whole Republican congressional party votes for this type of economic damage is quite astounding.In Canada, their central bank review of monetary policy settings left the policy interest rate unchanged at 2.75%, as was expected. They have inflation at 1.7% and an economic expansion of +2.2% in the March quarter, although that is not expected to last. They are watch for downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.In Japan, the 2024 total number of births was 686,061, down -5.7% from the previous year. This was the first time annual births have fallen below 700,000 since record-keeping began in 1899.Australia released its Q1-2025 GDP growth data yesterday. Their economy grew +0.2% in Q1-2025 from Q4-2024, slowing from +0.6% in Q4 and falling short of the +0.4% expected by analysts. This marked the 14th quarter of expansion but the softest pace in three quarters. On an annual basis, the GDP expanded +1.3%, holding steady for the second straight quarter but missing the expected +1.5% rise.The UST 10yr yield is now at 4.36%, and down -10 bps from yesterday.The price of gold will start today at US$3,379/oz, and up +US$26 from yesterday.Oil prices are down -US$1 in the US at just over US$62.50/bbl while the international Brent price is down -US$1.50 at US$64.50/bbl.The Kiwi dollar is now at 60.4 USc, a +30 bps rise from yesterday at this time. Against the Aussie we are unchanged at just over 92.8 AUc. Against the euro we are up +10 bps at 52.8 euro cents. That all means our TWI-5 starts today at just on 68.2 and up +10 bps from yesterday.The bitcoin price starts today at US$105,010 and down -0.9% from yesterday. Volatility over the past 24 hours has been modest at just under +/-1.0%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

The Brothers Krynn return to share their fan fiction idea, The Kenobi Timeline. Inspired by the Legends novel, Secrets of the Jedi, the story follows the what-if scenario of Obi-Wan and Obi-Wan's lover, Siri secretly having a child. From there events unfold unexpectedly, especially with lesser-known companions of Anakin and Obi-Wan who are the focus of the narrative. Each of these characters has a fully fleshed-out backstory with motivations that weave into but never contradict the events of the Prequels. Want more energy and essential vitamins for your day but want to limit your caffeine intake? Visit https://www.magicmind.com/swlc to get up to 48% off with my code: SWLC20 As you listen along, you can refer to the character glossary provided by the Brothers Krynn: Tahlon Kenobi: son of Obi-Wan Kenobi and Siri Tachi (Kenobi), Wields a double-sided Blue lightsaber, his style is Form IV (Ataru variant) Talanis Salazzar: Mandalorian warrior woman, 5 years older than Tahlon. Number one Mandalorian bounty-hunter after Jango Fett Darael Feran: Trandoshan Jedi Master, Wields double-sided Green lightsaber, his style is Form III (Soresu variant), Melirah Stardust's master before leaving the order to join the Jedi, who chose to leave to work with Dooku in the CIS Melirah Stardust: A young Jedi, same age as Anakini with Red hair, born on Tattooine to a Moisture Farmer, she is hot-headed, yet dreams of being a healer. She was Darael Feran's padawan. She is the most gifted seer of her generation. Her style is Form VI (Jar'Kai) (Form IV Ataru Variant) Her right-handed lightsaber is yellow, her left-handed one is blue Mi'kraan Darklighter: A young Jedi, born on the same day, same hour as Melirah, though the two are not related, they share a bond with each other. She is tall and blonde haired, statuesque, the more beautiful of the two. A gentle soul who specializes in diplomacy and teaching younglings. She dislikes violence in all its forms, and has requested to resign her military position, but has been refused. A favourite of Yoda. Her style is Form VI (Jar'Kai) (Form III Soresu variant) Her right-hand lightsaber is Green, her left-hand is Yellow Fergus Feld: One year older than Anakin, a personality like Sturm Brightblade (Dragonlance), is fanatically loyal to the order, and a good friend of Tahlon. He does not trust Anakin and thinks he will turn to the darkside, and in extension dislikes Obi-Wan, a favourite of Yoda, who was abused by his master, Yaduu. His lightsaber style is Form V, and Form VII (Shien/Djem-So and Juyo) his lightsaber colour is blue Grrwyan: A wookie Jedi Tahlon grew up with. He dislikes Tahlon. His style is Form V (Shien/Djem-So) His lightsaber colour is Blue Ivec'leba: A twi'lek initiate Tahlon grew up with, she was sold into slavery, and liberated by Millennia Far'lin. She dies in Tahlon's arms when he is an initiate Jedi Master Chirus: A half-Blind Solustan jedi, who exposed his previous padawan's affair with another jedi, which led her to commit suicide, which traumatized. He later becomes Tahlon's master, and is three years older than Dooku. He dies on Geonosis. His apprentice was a young woman by the name of Yasmina Shen. Her former lover fled with her child to the outer rim, and founded a Jedi cult which her widow and son will end up fighting in the clone wars on the side of the Republic, as Chirus made peace with him three years before he died. Chirus' style is Form VI (Niiman) His colour is Green. Millennia Farland: The daughter of a deceased freedom fighter of Ryloth, Millennia picked up his torch and his movement to liberate all the Twi'leks from the Hutts and the Exchange, she has since become the Senator of Renkloth. (We set the planet in the neighbouring star system next to Ryloth.) She is a firebrand, who is friends of Tahlon, hates the Hutts and consistently pushes for Republican interference in twi'lek affairs, and has become disillusioned with the Senate. She is also given a military commission for the Grand Army of the Republic. Alpha Squad: Tahlon's personal Commando unit. They consist of RC-1515 “Quinze” (Leader), RC-9888 “Zuko” (Demolitions), RC-0109 “Nate” (Weapons) and RC-2898 “Wyatt” (Tech Specialist) RC-1515 “Quinze”: The leader of Alpha Squad, he has a sardonic sense of humour, similar to that of Qui-Gon Jinn. He is also strict, and at times inflexible, and is very shy around beautiful women. He is force sensitive. RC-9888 “Zuko”: The Demolitions expert of Alpha Squad, he is argumentative, severe, who complains a lot, and has a bit of a temper. He is always arguing and fighting with Nate, and yet the two consider each other almost twins. RC-0109 “Nate”: The weapons expert: He is chatty, gabby, cheerful and friendly. Nate loves heavy-grade weaponry. He considers his voice a gift from the force. He also loves show tunes and pretty women. RC-2898 “Wyatt”: The Tech specialist, he is sarcastic, a little vain about his appearance, he has a superiority complex in regards to his IQ, and is the quiet member of the team, even as he considers himself a connoisseur of fine arts and pop stars. ARC-Commander 1139 “Hale”: Commander of the 339th Legion, he serves as Mi'kraan's clone commander. Where she dislikes violence, he revels in it. He is cold and calculating, and a General of the highest quality. He was one of the top graduates from Kamino in strategy and tactics. ARC-Commander 3615 “Boom”: Commander of the 431th Legion. Tahlon's clone commander, his solution to every problem is explosives, bombardment, and even more explosives. He is very good friends with Nate and Zuko. He is fairly cheerful by nature. ARC-Commander 1238 “Krath”: Commander of the 436th Legion. One of the most bloodthirsty clone commanders, and is absolutely ruthless. He believes in no mercy, and has a belief system akin to Canderous Ordo, except he scorns the disloyal and self-serving Mandalorians, and thinks that Clones are superior to them, as he does the Jedi, whom he holds in high regard. He is Melirah's clone commander. ARC-Commander 1138 “Crusher”: Commander of the 189th Legion. Another ruthless clone commander with a cold and impatient side, who believes people have to win his respect, as he hates incompetence, and has no patience for fools. He is the finest clone commander in the galaxy. He serves under Fergus, and has been lauded by Mace Windu. CT-1159 Sergeant “Muln”: A rambunctious, duty-obsessed starfighter pilot in the Republic Navy, he serves under Melirah, and is a quick shot, and impulsive pilot. He is named after Garen Muln, the finest pilot in the galaxy. Darin Pol: A Kel-Dor Martial Artist and security officer who volunteers for the navy, and is put in Melirah's Legion. will continuously reference Justice. He is wise, and the sworn brother of Sergeant Muln Darth Malignus: A Sith Knight trained by a Sith cult that swears itself to Count Dooku and the CIS, he is the top warrior of the cult, and is from the planet Sorrus. His lightsaber is the sith variant of Form VI (Jar'Kai, Form V Shien/Djem-So variant,) He is very much inspired by Dinobot from Beast Wars.

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.And today we lead with news the global economic expansion is losing pace, led by the US.But first up today, the overnight full dairy auction pulled back, and expected, but perhaps not be as much as the derivatives markets suggested. In the end prices were down -1.6% in USD terms and -3.0% in NZD terms on a rising Kiwi dollar. It was a mixed picture across the commodities offered.In the US, the weekly Redbook retail monitor pulled back last week to be 'only' +4.9% higher than the same week a year ago. That is a sharpish dip from the prior week's +6.1% and mid-April's +7.4%. Much of this may be attributable to tariff-tax increases, with sales volumes easing faster now.Meanwhile, April job openings were little-changed but they did come in slightly higher than expected at 7.4 mln. We get the May non-farm payrolls report this Saturday (NZT) and that is expected to show a modest +130,000 rise.Meanwhile April factory orders came in weak, down a sharp -3.7% following the boosted March gain of +3.4%. Between the two months, a slight easing that was setting in since November. From April 2024 these order levels are up +0.6% and that is before accounting for inflation.The US Logistics Managers Index rose, but because inventory costs, warehousing utilisation, and transportation prices all rose at a faster rate, probably not the indicators that help their economy.But the latest RCM/TIPP optimism survey did rise for 'positive' reasons, but only back to levels it was in November after retreating rather sharply from a February high. The tariff-tax staggers may be easing among investors and the surveyors say this indicates US "consumers are closer to optimism".In Canada, Canadians have so heavily altered their travel plans to the US that the duty-free stores at the border seem to be on their knees in what is being called a 'collapse'.In South Korea, the candidate of the more liberal Democratic Party seems to be the winner of Tuesday's snap presidential election. It is a clear break, with voters turning away from the conservative party, who's previous President triggered their constitutional crisis. It's a win for the rule of law. The other main candidate has conceded.In China, they have delivered something of a surprise. The May Caixin China factory PMI unexpectedly dropped to 48.3, down from April's expanding 50.4 and missing market forecasts of a faster expansion (50.6). This was the first contraction in the sector in eight months and the steepest since September 2022. Output shrank alongside a renewed drop in new orders, with foreign sales declining at a faster pace. The official factory PMI came in at 49.5, a small improvement (lesser decline).Eurozone consumer price inflation eased to 1.9% in May, down from 2.2% in April and below market expectations of 2.0%. With inflation under control, that gives the ECB some room to trim interest rates further at their Friday (NZT) review.Globally, the OECD has lowered its economic expansion forecasts as the Trump tariff-taxes bite, and the US an economy they see suffering as much as others from the impact.That is spurring free trade talks among other nations, especially between Australia and the EU.In Australia, their Fair Work Commission's Expert Panel announced the National Minimum Wage and award wages will increase by +3.5% from 1 July 2025, following the 2024-25 Annual Wage Review. That means their National Minimum Wage will increase by +AU$0.85 to AU$24.95 per hour. (NZ$26.90/hr) The New Zealand adult minimum wage is currently $23.50/hr.The UST 10yr yield is now at 4.46%, and unchanged from yesterday.The price of gold will start today at US$3,353/oz, and down -US$22 from yesterday.Oil prices are up +50 USc in the US at just over US$63.50/bbl and the international Brent price is up +US$1 at US$66/bbl.The Kiwi dollar is now at 60.1 USc, a -10 bps dip from yesterday at this time. Against the Aussie we are down -10 bps at just on 92.8 AUc. Against the euro we are unchanged at 52.7 euro cents. That all means our TWI-5 starts today at just on 68.1 and down -10 bps from yesterday.The bitcoin price starts today at US$105,965 and up +1.6% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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.And today we lead with news the Americans seem to be making a concerted effort to adopt a stagflation policy. The USD is falling toward a three year low, gold is rising again, as are US benchmark interest rates.But first, the week ahead will feature central bank rate decisions from Canada (expect a hold at 2.75%), the ECB (-25 bps to 2.15%) and India (-25 bps to 5.75%). And the week will end with the US non-farm payrolls report (+130,000 and extending the ho-hum trend).But the week will be dominated by factory and service sector PMIs, closely watched for the consequences of trade war activity. More damage came from the US over the weekend with the doubling of steel tariffs, from 25% to 50%. These are certain to make the US steel industry even less competitive globally, embedding higher producer costs for American factories and higher prices for its customers.We can see that from the latest ISM factory PMI for May, where a small contraction is now taking place, and the cost pressures are still very high. The final S&P/Markit May factory PMI recorded the most cost pressure since 2022, but a tiny expansion in this one.China released its official PMIs over the weekend, with the factory version contracting much less, and their services little-changed in a tiny expansion. Inflation pressures aren't evident here. The US trade pressure may be preventing China's economy from growing much but it isn't pushing it into a contraction. And so far, Beijing has resisted Trump's request for a phone call with Xi.And there were May PMIs out for Japan (contracting less), Canada,(holding a sharp contraction) Taiwan (contracting less), Korea (small contraction, but stable) Singapore (stable small contraction) and Australia (stable but expanding a bit less) on Monday. So this set isn't yet showing much change, but the trade war does seem to be embedding stagnation. Inflation doesn't seem to be much of a problem here, it is only the US that is getting them both.Stagnation without inflation does allow central banks to try a rate cut remedy - a remedy not available to the Americans.In China they are applying both monetary (lower rates) and fiscal policies (more spending) to stabilise their situation. Beijing is spending big to counter the downward pressure on its economy. As a result, the country's broad fiscal deficit expanded at its quickest clip since 2023 in the first four months of 2025, reaching a -¥2.7 tln (-NZ$630 bln) deficit in the period, almost 60% more than in the same period in 2024.They need all of that because it is pretty clear their real estate sector slump isn't anywhere near over yet, despite all the official help for it.We should also note that it is a holiday in China today, for Dragon Boat Festival.India reported Q1-2025 GDP outcomes, claiming a heady expansion of +7.4% from a year earlier, far better than the +6.7% expected and the +6.4% expansion in Q4-2024. This expansion was led by both the construction sector, and consumer spending.And Canada also reported an expanding economy in Q1-2025, gaining +0.5% in the quarter to be +2.2% higher for the year. Both these indicators of economic activity are better than analysts had expected. Of course these are only of historical interest because they pre-date the tariff-war actions of the US that started in April.Back in the US, the final University of Michigan consumer sentiment survey recovered its early month drop in the second half of the month, ending similar to the April level. The pause in the tariff war and the hope this would ease inflation pressures during the survey period was said to be behind the mood change. Still, this level is very pessimistic, -24% lower than year-ago levels.In Australia, job ad growth has turned into a decline, with the number of job ads dropping -1.2% in May from April, when they fell a downwardly revised -0.3%. Year on year they are down -5.7% although they remained +14% higher than pre-pandemic levels.The UST 10yr yield is now at 4.46%, and up +6 bps from Friday. The price of gold will start today at US$3,375/oz, and up +US$86 from yesterday.Oil prices are up +US$2 in the US at just under US$63/bbl and the international Brent price is just under US$65/bbl.The Kiwi dollar is now at 60.2 USc, a +50 bps rise from yesterday at this time. Against the Aussie we are up +20 bps at just on 92.9 AUc. Against the euro we are up +10 bps at 52.7 euro cents. That all means our TWI-5 starts today at just on 68.2 and up +30 bps from yesterday.The bitcoin price starts today at US$104,272 and down -0.9% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.0%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Review and analysis of pertinent national issues in Twi

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.And today we lead with news the legality of the US tariff taxes is now under court scrutiny.But first, US initial jobless claims rose +10,000 last week from the prior week to 212,000 when seasonal factors suggested it should have fallen -7,000. (The headline number was +240,000.) There are now 1.78 mln people on these benefits, +120,000 more than this time last year or a +7% rise.There was an update to the Q1-2025 US GDP growth rate out overnight, and it was little-changed, still showing a stall. Now they say it contracted at an annualised rate of -0.2% in the quarter, a slight improvement from the initial estimate of a -0.3% decline. However, it is still the first quarterly GDP contraction in three years. The slight improvement was driven by stronger-than-expected investment, which partially offset weaker consumer spending and a larger-than-anticipated drag from trade.The same data showed corporate profits fell sharply in the period and could continue to be squeezed this year by higher costs from tariffs.Pending home sales retreated an outsized -6.3% in April from March, far more than the -0.9% drop anticipated by analysts and fully erasing the revised +5.5% increase in March. The industry blames "high interest rates".The US Treasury 7yr bond auction today was supported a bit better than the prior event, resulting in a median yield of 4.14% compared to the 4.07% at the prior equivalent event a month ago.In a US Federal Court, the Trump Administration lost a key case challenging the imposition of his "Liberation Day" tariffs, where it was claimed the President didn't have the authority to impose them without Congressional approval. The issue will end up in the US Supreme Court soon for 'final' resolution. If it doesn't go Trump's way in his stacked court, things could get 'interesting'.In Japan, consumer sentiment is still trending down after peaking in March 2024. But the May survey recorded a bounce back from the unusual drop in April.In Australia, capex investment is not growing, especially for plant and equipment. And that is a hesitation in the rising trend that started in 2014 and continued until September 2024. The recent Q1-2025 data softness seems to be embedding.Globally, passenger air travel demand was up +8.0% with international travel demand rising almost +11%. In the Asia/Pacific region it was up more than +14%. Wanderlust is back fully after the pandemic period.Air cargo demand was up +5.8% in April, up +10% in the Asia/Pacific region, no doubt boosted by the rush to beat US tariffs.Meanwhile, container freight rates rose +10% last week from the week before to be -41% lower than year-ago levels. Trade uncertainty surrounding 'new' tariff-taxes is causing the current scramble to get goods moved. Bulk cargo rates dipped -2.5% in the past week however.The UST 10yr yield is now at 4.43%, and down -5 bps from yesterday.The price of gold will start today at US$3,322/oz, and up +US$26 from yesterday.Oil prices are down -US$1 at just under US$61/bbl in the US and the international Brent price is now at US$64/bbl.The Kiwi dollar is now at 59.9 USc, a +30 bps rise from yesterday at this time. Against the Aussie we are unchanged at just under 92.8 AUc. Against the euro we are down -20 bps at 52.6 euro cents. That all means our TWI-5 starts today at just under 68 and up +10 bps from yesterday.The bitcoin price starts today at US$106,229 and down -1.1% from yesterday. Volatility over the past 24 hours has been modest at just on +/-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 will do this again on Tuesday.

Many thanks to listener Joshua for this brilliant episode idea - what was the Halcyon like for non-humans? We immediately thought of Twi'leks, thanks to our own Captain Ma'Li Ficent. As one of Star Wars' most beloved alien species, Twi'leks brought unique magic to the Galactic Starcruiser experience. We tracked down three renowned Twi'lek cosplayers who sailed the Halcyon in full cosplay, and their stories are extraordinary. From surprising cast member interactions to behind-the-scenes moments you won't believe, discover how becoming a Twi'lek transformed their voyage into something truly special. Heroes of the Halcyon on InstagramTheme Music ("Digital Discourse") by Yellow BarrelSend your email to heroesofthehalcyon@gmail.com - we'd love to hear from you about your journeys, episode suggestions, or just to say hi!

Although the jetlag has left him scarred and deformed, Freddy C is BACK from Star Wars Celebration in Tokyo, Japan. He's here to tell us all about his experience and be our tour guide to all the Legends-related info that came out of the convention. We'll speculate about Starfighter, the Legends references in Andor Season 2, and of course Maul: Shadow Lord and the mysterious red-skinned Twi'lek—could it be Darth Talon? Listen to find out what we think.

One of the most menacing and magnetic figures in the Star Wars universe is back. At Star Wars Celebration 2025 in Tokyo, Lucasfilm revealed Star Wars: Maul – Shadow Lord, an all-new animated series heading to Disney+ in 2026. The show will bring back Sam Witwer as the voice of Darth Maul, marking another chapter in the character's legacy that stretches from The Phantom Menace to Clone Wars, Rebels, and even Solo: A Star Wars Story.A Darker Chapter in Maul's SagaShadow Lord picks up after the events of The Clone Wars, exploring Maul's return to the shadows as he rebuilds his criminal empire on a remote planet still untouched by the Empire's grip. According to footage shown at the Lucasfilm Animation panel, this is not a redemption arc. This is Maul at his most cunning and brutal—still burning with rage and ambition.The clip shown in Tokyo sets the tone clearly: gritty and intense. We see Maul leading a prison break to rescue a Force-sensitive Twi'lek, whom he offers to train. The scene closes with a flurry of lightsaber combat as Maul cuts down multiple enemies with ruthless efficiency. The animation leans darker in tone and palette, clearly setting this series apart from previous entries.The Return of Sam WitwerFans of Clone Wars and Rebels will be thrilled to see Sam Witwer return as Maul. His voice performance has been integral to the character's transformation from silent assassin to tragic antihero. Witwer's ability to convey Maul's internal torment and calculating menace has made the character one of the most layered villains in Star Wars canon.A New Era for Star Wars AnimationShadow Lord arrives at a time when Lucasfilm Animation is doubling down on character-driven stories. This series promises to delve into Maul's psychology, power struggles, and his role in the criminal underworld. It's not about galactic conquest. It's about survival, manipulation, and control.With Star Wars: Maul – Shadow Lord set to launch in 2026, fans can expect a thrilling, emotionally charged series that finally gives Maul the center stage he deserves.

The Brothers Krynn come back on the pod to share their fan fiction idea, The Kenobi Timeline. Inspired by the Legends novel, Secrets of the Jedi, the story follows the what-if scenario of Obi-Wan and Obi-Wan's lover, Siri secretly having a child. From there events unfold unexpectedly, especially with lesser-known companions of Anakin and Obi-Wan who are the focus of the narrative. Each of these characters has a fully fleshed-out backstory with motivations that weave into but never contradict the events of the Prequels.  Want more energy and essential vitamins for your day but want to limit your caffeine intake? Visit https://www.magicmind.com/swlc to get up to 48% off with my code:  SWLC20 As you listen along, you can refer to the character glossary provided by the Brothers Krynn:  Tahlon Kenobi: son of Obi-Wan Kenobi and Siri Tachi (Kenobi), Wields a double-sided Blue lightsaber, his style is Form IV (Ataru variant) Talanis Salazzar: Mandalorian warrior woman, 5 years older than Tahlon. Number one Mandalorian bounty-hunter after Jango Fett Darael Feran: Trandoshan Jedi Master, Wields double-sided Green lightsaber, his style is Form III (Soresu variant), Melirah Stardust's master before leaving the order to join the Jedi, who chose to leave to work with Dooku in the CIS Melirah Stardust: A young Jedi, same age as Anakini with Red hair, born on Tattooine to a Moisture Farmer, she is hot-headed, yet dreams of being a healer. She was Darael Feran's padawan. She is the most gifted seer of her generation. Her style is Form VI (Jar'Kai) (Form IV Ataru Variant) Her right-handed lightsaber is yellow, her left-handed one is blue Mi'kraan Darklighter: A young Jedi, born on the same day, same hour as Melirah, though the two are not related, they share a bond with each other. She is tall and blonde haired, statuesque, the more beautiful of the two. A gentle soul who specializes in diplomacy and teaching younglings. She dislikes violence in all its forms, and has requested to resign her military position, but has been refused. A favourite of Yoda. Her style is Form VI (Jar'Kai) (Form III Soresu variant) Her right-hand lightsaber is Green, her left-hand is Yellow Fergus Feld: One year older than Anakin, a personality like Sturm Brightblade (Dragonlance), is fanatically loyal to the order, and a good friend of Tahlon. He does not trust Anakin and thinks he will turn to the darkside, and in extension dislikes Obi-Wan, a favourite of Yoda, who was abused by his master, Yaduu. His lightsaber style is Form V, and Form VII (Shien/Djem-So and Juyo) his lightsaber colour is blue Grrwyan: A wookie Jedi Tahlon grew up with. He dislikes Tahlon. His style is Form V (Shien/Djem-So) His lightsaber colour is Blue Ivec'leba: A twi'lek initiate Tahlon grew up with, she was sold into slavery, and liberated by Millennia Far'lin. She dies in Tahlon's arms when he is an initiate Jedi Master Chirus: A half-Blind Solustan jedi, who exposed his previous padawan's affair with another jedi, which led her to commit suicide, which traumatized. He later becomes Tahlon's master, and is three years older than Dooku. He dies on Geonosis. His apprentice was a young woman by the name of Yasmina Shen. Her former lover fled with her child to the outer rim, and founded a Jedi cult which her widow and son will end up fighting in the clone wars on the side of the Republic, as Chirus made peace with him three years before he died. Chirus' style is Form VI (Niiman) His colour is Green. Millennia Farland: The daughter of a deceased freedom fighter of Ryloth, Millennia picked up his torch and his movement to liberate all the Twi'leks from the Hutts and the Exchange, she has since become the Senator of Renkloth. (We set the planet in the neighbouring star system next to Ryloth.) She is a firebrand, who is friends of Tahlon, hates the Hutts and consistently pushes for Republican interference in twi'lek affairs, and has become disillusioned with the Senate. She is also given a military commission for the Grand Army of the Republic. Alpha Squad: Tahlon's personal Commando unit. They consist of RC-1515 “Quinze” (Leader), RC-9888 “Zuko” (Demolitions), RC-0109 “Nate” (Weapons) and RC-2898 “Wyatt” (Tech Specialist) RC-1515 “Quinze”: The leader of Alpha Squad, he has a sardonic sense of humour, similar to that of Qui-Gon Jinn. He is also strict, and at times inflexible, and is very shy around beautiful women. He is force sensitive. RC-9888 “Zuko”: The Demolitions expert of Alpha Squad, he is argumentative, severe, who complains a lot, and has a bit of a temper. He is always arguing and fighting with Nate, and yet the two consider each other almost twins. RC-0109 “Nate”: The weapons expert: He is chatty, gabby, cheerful and friendly. Nate loves heavy-grade weaponry. He considers his voice a gift from the force. He also loves show tunes and pretty women. RC-2898 “Wyatt”: The Tech specialist, he is sarcastic, a little vain about his appearance, he has a superiority complex in regards to his IQ, and is the quiet member of the team, even as he considers himself a connoisseur of fine arts and pop stars. ARC-Commander 1139 “Hale”: Commander of the 339th Legion, he serves as Mi'kraan's clone commander. Where she dislikes violence, he revels in it. He is cold and calculating, and a General of the highest quality. He was one of the top graduates from Kamino in strategy and tactics. ARC-Commander 3615 “Boom”: Commander of the 431th Legion. Tahlon's clone commander, his solution to every problem is explosives, bombardment, and even more explosives. He is very good friends with Nate and Zuko. He is fairly cheerful by nature. ARC-Commander 1238 “Krath”: Commander of the 436th Legion. One of the most bloodthirsty clone commanders, and is absolutely ruthless. He believes in no mercy, and has a belief system akin to Canderous Ordo, except he scorns the disloyal and self-serving Mandalorians, and thinks that Clones are superior to them, as he does the Jedi, whom he holds in high regard. He is Melirah's clone commander. ARC-Commander 1138 “Crusher”: Commander of the 189th Legion. Another ruthless clone commander with a cold and impatient side, who believes people have to win his respect, as he hates incompetence, and has no patience for fools. He is the finest clone commander in the galaxy. He serves under Fergus, and has been lauded by Mace Windu. CT-1159 Sergeant “Muln”: A rambunctious, duty-obsessed starfighter pilot in the Republic Navy, he serves under Melirah, and is a quick shot, and impulsive pilot. He is named after Garen Muln, the finest pilot in the galaxy.  Darin Pol: A Kel-Dor Martial Artist and security officer who volunteers for the navy, and is put in Melirah's Legion. will continuously reference Justice. He is wise, and the sworn brother of Sergeant Muln Darth Malignus: A Sith Knight trained by a Sith cult that swears itself to Count Dooku and the CIS, he is the top warrior of the cult, and is from the planet Sorrus. His lightsaber is the sith variant of Form VI (Jar'Kai, Form V Shien/Djem-So variant,) He is very much inspired by Dinobot from Beast Wars.

Cindy Mills did not grow up in a generational RA family. She was accessed through a babysitter at the tender age of 4. In what was probably a Santeria group, Cindy silently endured two years of terrifying abuse. Hear her story and how it set her up to join The Way International at age 18. She felt it was safer than being in the Catholic Church with the iconography of her abuse. TWI became another group to escape. Finally, she found the true Lord Jesus Christ and He set her free. Follow her incredible story in today's podcast. Only God Rescued Me: Website: www.onlygodrescuedme.com Contact Lisa:lisa@onlygodrescuedme.comTo help support this podcast: https://buymeacoffee.com/onlygodrescuedme.com

Star Wars Generations: Revisiting The Clone Wars Season 1 Ryloth ArcIn this episode of Star Wars Generations, hosts Matthew and Erin dive into the Ryloth arc (episodes "Storm Over Ryloth," "Innocents of Ryloth," and "Liberty on Ryloth") from the first season of Star Wars: The Clone Wars. Rather than doing a complete rewatch, they're focusing on their favorite episodes from each season, sharing perspectives across different generations of Star Wars fans.Erin chose the Ryloth arc, which focuses on the Republic's attempt to liberate the Twi'lek homeworld from Separatist occupation. The hosts break down the three-episode storyline, examining how each episode builds upon different aspects of war – from space battles to ground assaults to the civilian impact.What lessons does Ahsoka learn about command?The hosts discuss how "Storm Over Ryloth" shows Ahsoka Tano's early leadership struggles when she disobeys orders during a space battle, resulting in lost clone trooper lives. Matthew and Erin analyze how this mirrors Anakin Skywalker's own leadership style and foreshadows later character development. They debate whether the Jedi's approach to military command shows their fundamental unsuitability for wartime leadership.How does "Innocents of Ryloth" show the human side of clone troopers?Erin explains why "Innocents of Ryloth" resonates so deeply with her. The story follows clone troopers Waxer and Boil as they encounter a young Twi'lek girl named Numa. The episode showcases the clones' humanity beyond their military purpose, with Waxer's immediate compassion contrasting with Boil's initial reluctance. This connection becomes even more poignant when listeners learn that Waxer appears later in the series during the Battle of Umbara.What political themes emerge in the Ryloth liberation storyline?Matthew highlights how the Ryloth arc explores the complex political reality of war, where planets and their people become caught between opposing forces. The hosts discuss the conflict between Twi'lek freedom fighter Cham Syndulla (father of Rebels character Hera Syndulla) and Senator Orn Free Taa, examining how this storyline shows that not all Republic-aligned characters have the best interests of their people at heart.Other topics discussed include:Rose Tico's famous quote from The Last Jedi ("We don't win by fighting what we hate, we win by saving what we love") and how it connects to the clone troopers' mission on RylothSeparatist leader Wat Tambor's portrayal as a calculating villain focused on stealing Ryloth's resourcesHow the storyline foreshadows events in later Star Wars series like Rebels and The Bad BatchThe Clone Wars' consistent examination of how wars impact civilian populations caught in the crossfireNuma's character and her later appearances in Star Wars RebelsClone trooper individuality and personality development through visual and character choicesThe hosts wrap up by teasing next week's episode featuring Alex's picks: "Rookies," "Lair of Grievous," and "Trespass," which will explore a newly knighted Jedi, the Kaleesh cyborg general, and more Clone Wars adventures. **************************************************************************This episode is a production of Star Wars Generations, a The Ethical Panda Podcast and part of the TruStory FM Entertainment Podcast Network. Check our our website to find out more about this and our sister podcast Superhero Ethics.We want to hear from you! You can keep up with our latest news, and send us feedback, questions, or comments via social media or email.Email: Matthew@TheEthicalPanda.comFacebook: TheEthicalPandaInstagram: TheEthicalPandaPodcastsTwitter: EthicalPanda77Or you can join jump into the Star Wars Generations and Superhero Ethics channels on the TruStory FM Discord.To learn more about co-host Erin and her incredible cosplay check out her Instagram, LadyTanoCreates.Want to get access to even more content while supporting the podcast? Become a member! For $5 a month, or $55 a year you get access to bonus episodes and bonus content at the end of most episodes. Sign up on the podcast's main page you can even give membership as a gift!You can also support our podcasts through our sponsors:Purchase a lightsaber from Level Up Sabers run by friend of the podcast Neighborhood Master AlanUse Audible for audiobooks. Sign up for a one year membership or gift one through this link.Purchase any media discussed this week through our sponsored links.

The Brothers Krynn come back on the pod to share their fan fiction idea, The Kenobi Timeline. Inspired by the Legends novel, Secrets of the Jedi, the story follows the what-if scenario of Obi-Wan and Obi-Wan's lover, Siri secretly having a child. From there events unfold unexpectedly, especially with lesser-known companions of Anakin and Obi-Wan who are the focus of the narrative. Each of these characters has a fully fleshed-out backstory with motivations that weave into but never contradict the events of the Prequels.  Want more energy and essential vitamins for your day but want to limit your caffeine intake? Visit https://www.magicmind.com/swlc to get up to 48% off with my code:  SWLC20   As you listen along, you can refer to the character glossary provided by the Brothers Krynn:  Tahlon Kenobi: son of Obi-Wan Kenobi and Siri Tachi (Kenobi), Wields a double-sided Blue lightsaber, his style is Form IV (Ataru variant) Talanis Salazzar: Mandalorian warrior woman, 5 years older than Tahlon. Number one Mandalorian bounty-hunter after Jango Fett Darael Feran: Trandoshan Jedi Master, Wields double-sided Green lightsaber, his style is Form III (Soresu variant), Melirah Stardust's master before leaving the order to join the Jedi, who chose to leave to work with Dooku in the CIS Melirah Stardust: A young Jedi, same age as Anakini with Red hair, born on Tattooine to a Moisture Farmer, she is hot-headed, yet dreams of being a healer. She was Darael Feran's padawan. She is the most gifted seer of her generation. Her style is Form VI (Jar'Kai) (Form IV Ataru Variant) Her right-handed lightsaber is yellow, her left-handed one is blue Mi'kraan Darklighter: A young Jedi, born on the same day, same hour as Melirah, though the two are not related, they share a bond with each other. She is tall and blonde haired, statuesque, the more beautiful of the two. A gentle soul who specializes in diplomacy and teaching younglings. She dislikes violence in all its forms, and has requested to resign her military position, but has been refused. A favourite of Yoda. Her style is Form VI (Jar'Kai) (Form III Soresu variant) Her right-hand lightsaber is Green, her left-hand is Yellow Fergus Feld: One year older than Anakin, a personality like Sturm Brightblade (Dragonlance), is fanatically loyal to the order, and a good friend of Tahlon. He does not trust Anakin and thinks he will turn to the darkside, and in extension dislikes Obi-Wan, a favourite of Yoda, who was abused by his master, Yaduu. His lightsaber style is Form V, and Form VII (Shien/Djem-So and Juyo) his lightsaber colour is blue Grrwyan: A wookie Jedi Tahlon grew up with. He dislikes Tahlon. His style is Form V (Shien/Djem-So) His lightsaber colour is Blue Ivec'leba: A twi'lek initiate Tahlon grew up with, she was sold into slavery, and liberated by Millennia Far'lin. She dies in Tahlon's arms when he is an initiate Jedi Master Chirus: A half-Blind Solustan jedi, who exposed his previous padawan's affair with another jedi, which led her to commit suicide, which traumatized. He later becomes Tahlon's master, and is three years older than Dooku. He dies on Geonosis. His apprentice was a young woman by the name of Yasmina Shen. Her former lover fled with her child to the outer rim, and founded a Jedi cult which her widow and son will end up fighting in the clone wars on the side of the Republic, as Chirus made peace with him three years before he died. Chirus' style is Form VI (Niiman) His colour is Green. Millennia Farland: The daughter of a deceased freedom fighter of Ryloth, Millennia picked up his torch and his movement to liberate all the Twi'leks from the Hutts and the Exchange, she has since become the Senator of Renkloth. (We set the planet in the neighbouring star system next to Ryloth.) She is a firebrand, who is friends of Tahlon, hates the Hutts and consistently pushes for Republican interference in twi'lek affairs, and has become disillusioned with the Senate. She is also given a military commission for the Grand Army of the Republic. Alpha Squad: Tahlon's personal Commando unit. They consist of RC-1515 “Quinze” (Leader), RC-9888 “Zuko” (Demolitions), RC-0109 “Nate” (Weapons) and RC-2898 “Wyatt” (Tech Specialist) RC-1515 “Quinze”: The leader of Alpha Squad, he has a sardonic sense of humour, similar to that of Qui-Gon Jinn. He is also strict, and at times inflexible, and is very shy around beautiful women. He is force sensitive. RC-9888 “Zuko”: The Demolitions expert of Alpha Squad, he is argumentative, severe, who complains a lot, and has a bit of a temper. He is always arguing and fighting with Nate, and yet the two consider each other almost twins. RC-0109 “Nate”: The weapons expert: He is chatty, gabby, cheerful and friendly. Nate loves heavy-grade weaponry. He considers his voice a gift from the force. He also loves show tunes and pretty women. RC-2898 “Wyatt”: The Tech specialist, he is sarcastic, a little vain about his appearance, he has a superiority complex in regards to his IQ, and is the quiet member of the team, even as he considers himself a connoisseur of fine arts and pop stars. ARC-Commander 1139 “Hale”: Commander of the 339th Legion, he serves as Mi'kraan's clone commander. Where she dislikes violence, he revels in it. He is cold and calculating, and a General of the highest quality. He was one of the top graduates from Kamino in strategy and tactics. ARC-Commander 3615 “Boom”: Commander of the 431th Legion. Tahlon's clone commander, his solution to every problem is explosives, bombardment, and even more explosives. He is very good friends with Nate and Zuko. He is fairly cheerful by nature. ARC-Commander 1238 “Krath”: Commander of the 436th Legion. One of the most bloodthirsty clone commanders, and is absolutely ruthless. He believes in no mercy, and has a belief system akin to Canderous Ordo, except he scorns the disloyal and self-serving Mandalorians, and thinks that Clones are superior to them, as he does the Jedi, whom he holds in high regard. He is Melirah's clone commander. ARC-Commander 1138 “Crusher”: Commander of the 189th Legion. Another ruthless clone commander with a cold and impatient side, who believes people have to win his respect, as he hates incompetence, and has no patience for fools. He is the finest clone commander in the galaxy. He serves under Fergus, and has been lauded by Mace Windu. CT-1159 Sergeant “Muln”: A rambunctious, duty-obsessed starfighter pilot in the Republic Navy, he serves under Melirah, and is a quick shot, and impulsive pilot. He is named after Garen Muln, the finest pilot in the galaxy.  Darin Pol: A Kel-Dor Martial Artist and security officer who volunteers for the navy, and is put in Melirah's Legion. will continuously reference Justice. He is wise, and the sworn brother of Sergeant Muln Darth Malignus: A Sith Knight trained by a Sith cult that swears itself to Count Dooku and the CIS, he is the top warrior of the cult, and is from the planet Sorrus. His lightsaber is the sith variant of Form VI (Jar'Kai, Form V Shien/Djem-So variant,) He is very much inspired by Dinobot from Beast Wars.

Mace Windu leads the Republic's final push for victory on Ryloth, but he has to recruit some help from the local Twi'lek resistance fighters to make it happen first.   In this fully armed and operational episode of Podcast Stardust, we discuss: Our overall thoughts on this episode, Mace Windu's feature role and portrayal, The introduction of Cham Syndulla, the resistance leader on Ryloth, Cham Syndulla's reluctance to accept Jedi and Republic assistance, The appearance of the blurrg, their origins, and where they appeared in later Star Wars stories, Wat Tambor, the leader of the Separatists, and his greed, and Some Easter eggs appearing in this episode, and more. For more The Clone Wars discussion, check out episode 846.   Thanks for joining us for another episode! Subscribe to Podcast Stardust for all your Star Wars news, reviews, and discussion wherever you get your podcasts. And please leave us a five star review on Apple Podcasts.   Find Jay and her cosplay adventures on J.Snips Cosplay on Instagram.   Join us for real time discussion on the RetroZap Discord Server here: RetroZap Discord. Follow us on social media: Twitter | Facebook | Instagram | Pinterest | YouTube. T-shirts, hoodies, stickers, masks, and posters are available on TeePublic. Find all episodes on RetroZap.com.

Mace Windu leads the Republic's final push for victory on Ryloth, but he has to recruit some help from the local Twi'lek resistance fighters to make it happen first.

The Twi'leks—graceful, and resilient—were a humanoid species hailing from the sun-scorched, twilight-shadowed world of Ryloth. Known for their striking appearance, they were often the subject of fascination and exploitation in equal measure across the galaxy. Become a patron to get access to the bonus episodes or support the show through Paypal and bitcoin! You can also check out our merch on Redbubble. Don't forget to also connect with us on Facebook, Instagram, X.com and Discord! https://doras.to/starlores

The Ryloth story arc from season one of The Clone Wars continues with Obi-Wan and a squad of clones working to liberate Twi'leks and destroy Separatist cannons.   In this fully armed and operational episode of Podcast Stardust, we discuss: Our overall thoughts on “Innocents of Ryloth,” Why this episode stands out and the themes of the episode, Obi-Wan Kenobi and Commander Cody's orders to the clones, Two specific clones, Waxer and Boil, and their relationship to Numa, a young Twi'lek child, The gutkurrs, giant alien insects, and how the Separatist manipulate them, The tactical droids, and Some Easter Eggs found throughout the episode. For more The Clone Wars discussion, check out episode 843.   Thanks for joining us for another episode! Subscribe to Podcast Stardust for all your Star Wars news, reviews, and discussion wherever you get your podcasts. And please leave us a five star review on Apple Podcasts.   Find Jay and her cosplay adventures on J.Snips Cosplay on Instagram.   Join us for real time discussion on the RetroZap Discord Server here: RetroZap Discord. Follow us on social media: Twitter | Facebook | Instagram | Pinterest | YouTube. T-shirts, hoodies, stickers, masks, and posters are available on TeePublic. Find all episodes on RetroZap.com.

The Ryloth story arc from season one of The Clone Wars continues with Obi-Wan and a squad of clones working to liberate Twi'leks and destroy Separatist cannons.