ANZ and AMP get grilling over super misconduct; US and China to hold trade talks; Turkey tries to avoid an IMF bailout; UST 10yr at 2.89%; oil stable, gold up; NZ$1 = 65.9 USc; TWI-5 = 70.0

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Here’s our summary of key events overnight that affect New Zealand.

Markets have found some solace in an announcement that China and the US will hold trade talks this month. Yet with lower-level officials to do the negotiating and the gap between demands from the two superpowers remaining large, analysts aren’t holding their breaths for a breakthrough.

Turkey’s finance minister has sparked a small recovery in the lira. He has pledged to support local banks and cut public spending, in an attempt to rebuff concerns that a funding squeeze on Turkish banks, and a trade war with the US will force him to seek a bailout from the IMF. The Minister has added bank deposit withdrawals by panicked investors remain low and he won’t impose capital controls to stop money flowing abroad. The US has eroded the slither of confidence instilled by the Minister, saying it’s preparing for further sanctions against Turkey.

AMP is under fire in the Australian banking royal commission for essentially clipping the ticket from customers who didn’t make an active choice about where they wanted to invest their super. The Government had required fund managers to shift these customers’ savings into low-cost default-type funds by 2014, but AMP dragged its heels for three years in some cases, in fear that shifting customers from higher-cost funds would dent its revenue by A$86 million.

Meanwhile the commission has heard ANZ was worried it could lose its financial services licence over the way it mis-sold a superannuation product over the counter. Its regulator was concerned bank staff gave personal financial advice in breach of the law if they helped customers transfer their super into ANZ funds. ANZ has paid a $1.25 million penalty for this breach.

Looking briefly at some data, the August Philadelphia Fed Business Outlook survey has fallen to its weakest point since August 2016. UK retail sales rose 0.7% month-on-month in July. And the European Union’s trade surplus remained on the weaker side in June.  

The UST 10yr has risen overnight to 2.89%.

Gold has inched up to US$1,180/oz.

Oil is stable. The US crude price is at US$65/bbl, while the Brent benchmark is at US$71/bbl. 

The New Zealand dollar has tracked up a little to 65.9 USc, 90.7 AUc and 58.0 euro cents. The TWI-5 is at 70.0.

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The easiest place to stay up with event risk today is by following our Economic Calendar here ».

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Source: CoinDesk

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