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Canterbury endures another major quake.
Key highlights
Canterbury has been hit by another massive earthquake which has caused significant loss of the life and damage. This will cause economic discruption through the first half of 2011.
The impact of the earthquake, as well as a weak NZ economy, provides some scope for the Reserve Bank of New Zealand to decrease the Official Cash Rate. We forecast a 50bp decrease in the OCR next week. Market interest rates have lowered recently.
Fonterra has lifted its forecast for the 2011 season payout to historic highs. We forecast a continuation of strong prices and payout.
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