Oil prices finished moderately higher on Tuesday but off intraday highs following news of a partial Ukraine-Russia truce agreement. Russia has put conditions on the deal which have made it unclear whether it has actually been settled. The easing of sanctions on Russian energy still seems a long way off. Uncertainty over how global developments are going to impact demand and supply has limited moves resulting in benchmarks little changed over March.
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New Zealand Q4 2024 retail sales (ex inflation) were stronger than forecast, rising 0.9%q/q, against a 0.5% market expectation. The Q3 dip of 0.1%q/q, was also revised higher to flat.
Fig 1: NZ Retail Sales Volumes - Level
Source: MNI - Market News/Bloomberg
In local morning trade, NZGBs are 2-4bps richer, with the 2/10 curve flatter, after US tsys finished last week with solid gains.