New Zealand lost its top credit grades at Standard & Poor’s and Fitch Ratings, the first Asia- Pacific nation in a decade to have its local-currency debt cut from AAA. Government bond yields rose by the most this year.
Traders slashed bets on an interest-rate cut in Australia next month to the lowest level in seven weeks after the central bank showed optimism the nation will weather Europe’s debt crisis and a slowdown in the U.S.
Australia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG’s top banker in the nation said.
Helen Kevans , a senior economist at JPMorgan Chase & Co. in Sydney, made the following remarks about the economic impact of the earthquake that hit Christchurch on Sept. 4. She made the comments today in a telephone interview.