Westpac Banking Corp’s New Zealand unit lifted first-quarter earnings 9.7 percent as it widened its interest rate margins, although its bottom line was eroded by unrealised changes in the value of its financial instruments. Profit after tax and before fair value movements climbed to $159 million in the three months ended Dec. 31 from $145 million a year earlier, according …

The Standard & Poor’s 500 Index retreated from a five-year high as disappointing US housing numbers failed to offer confidence. In afternoon trading in New York, the Dow Jones Industrial Average slipped 0.06 percent, the Standard & Poor’s 500 Index fell 0.42 percent, while the Nasdaq Composite Index shed 0.55 percent. The S&P 500 yesterday closed at 1,530.94 the highest …

RBNZ Governor Graeme Wheeler yesterday laid out some home truths for markets. The NZD is not a one way bet. And markets looking for rate hikes in 2013 may be a step too far – unless the currency tanks that is. We come in this morning with the NZD/USD down a cent and the 2yr swap rate 6bps lower from …