November 28, 2022

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New Zealand with historically high interest rates - E24

New Zealand with historically high interest rates – E24

Stock markets in Asia were mixed on Wednesday morning. The New Zealand stock market plunged after a historic jump in interest rates.

Historical: The interest rate is set with historical increases in interest rates in New Zealand. Here is Parliament House in the capital, Wellington.
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It was a mixed Wednesday for equity markets in the Asia-Pacific region, as markets await minutes from the Federal Reserve’s interest rate meeting later in the day.

This is what it looks like at 6:00 Norwegian time on Wednesday morning.

  • Hong Kong’s Hang Seng rose 0.42%.
  • The Shanghai Composite Index fell 0.19 percent
  • Seoul’s Kospi Index rose 0.63 percent
  • The FTSE Straits Times Index in Singapore fell 0.20%.
  • The Sydney ASX 200 Index rose 0.59 per cent

It’s a public holiday in Japan, so the Japanese markets are closed.

The New Zealand stock market fell after a historic jump in interest rates.

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Biggest price hike ever

New Zealand’s central bank, the Reserve Bank of New Zealand, is raising the interest rate by 0.75 percentage point, to 4.25 percent. This is the largest jump in interest rates ever, CNBC writes.

Regarding rate hikes, the country’s central bank governor, Adrian Orr, said that inflation remains very high and, according to CNCB, hinted at more interest rate hikes in the future.

New Zealand’s NXZ 50 Index fell after the interest rate hike and fell by 0.85 percent early Wednesday morning.

The New Zealand dollar rose to 0.6192 per dollar after the interest rate hike.

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Fed minutes

Today, markets around the world are anxiously awaiting the US Federal Reserve’s meeting minutes. Earlier in November, the US key interest rate was raised by 0.75 percentage points.

So today come the minutes of this meeting, which reveal the opinion of the Federal Reserve.

The three major indices on Wall Street ended yesterday with gains of more than 1 percent.