Dawn chorus: A container convoy
Trucks with 1,200 containers unloaded in Whangarei are headed for Auckland; A shed in Martinborough with $170k RV sells for $600k; Pfizer vaccine warning for allergy sufferers; Fast test kit near
TLDR: Morena. Logistics problems are plaguing supply lines to shops and factories in the lead up to Christmas. One ship stuck in the queue just off Auckland has diverted to Whangarei and unloaded its 1,200 containers there. Trucks will clog that highway north in the coming days shifting containers back and forth.
Meanwhile, the ‘K’ shaped recovery from Covid-19 (great for the rich and awful for the poor) powers on both globally and here. New Zealand businesses sent $14b worth of freshly printed cash in the lockdown have increased their bank deposits $16b since February.
At the same time, the Government continues to say it can’t afford to increase benefits in line with recommendations of its own welfare advisory group and has not announced any new actions to alleviate either demand or supply in the housing market. However, the PM has pledged not to allow house prices to fall and a shed in Martinborough with an RV of $170,000 just sold for $600,000.
Overseas overnight, Boris Johnson is having a last-ditch dinner meeting with the EU’s President to try to secure a Brexit deal, Pfizer warned those with allergies not to take its Covid-19 vaccine, a new very-fast test kit is close to launch and China is blocking Australian honey and lamb imports.
Meanwhile, US stocks hit fresh record highs despite signs of slowing jobs growth there as its winter lockdowns hit hard. There is hope for a stimulus and fresh money printing. For example, Portugal’s bond yields went negative overnight as fund managers prepare for the European Central Bank to announce another €500b of money printing and bond buying later tonight.
Alternative realities abound in this K shaped world.
In our political economy










In the global political economy








Useful longer reads and scoops
Coming up
Tonight - 1.45 am NZT (Friday) the European Central Bank is expected to increase quantitative easing programme (money printing and bond buying) by €500b to €2t
Dec 16 - Treasury releases its Half Yearly Fiscal and Economic Update (a full week to recover)
Dec 17 - Stats NZ publishes Sept qtr GDP. It could rebound 12%.
Dec 22 - Final cabinet meeting of 2020
Feb 1 - The Climate Change Commission will release its first draft of the national carbon budget under the Zero Carbon Act
Feb - Financial Action Task Force’s mutual evaluation report of New Zealand is expected in February.
Ngā Mihi
Bernard
PS Thanks for NZwithUS on Instagram for today’s pic.
PPS Some fun things

Portugal
Under the stewardship of Adrian Orr, NZ Super Fund lost $200m in Portuguese bank collapse
NZ Super Fund was to sue the Bank of Portugal over $200m loss
How's that going