Bank desk views on today's NZ Q3 CPI....>

NEW ZEALAND: Bank desk views on today's NZ Q3 CPI Release due 22:45 BST:

- ANZ: We exp. +0.8% q/q, +1.8% y/y. Measures of core CPI look poised to rise as

well. However, we'd caution against reading too much into the Q3 inflation

pulse. There are a number of transitory factors at play that the RBNZ will look

through & patchy data flow alongside global uncertainties suggest risks to the

RBNZ's medium-term activity & inflation forecasts are skewed to the downside.

- ASB: We exp. +0.7% q/q, +1.7% y/y. Fuel & housing-related costs are exp. to

continue driving much of the increase. However, over the medium term, the risks

remain skewed to the downside. As a result, we exp. the RBNZ to largely look

through the Q3 lift. We exp. the OCR to remain on hold until early .20.

- Westpac: We exp. +0.7% q/q, +1.7% y/y. Higher fuel prices account for much of

the quarterly rise. We also expect the lower exchange rate over the last year to

have an impact on prices of imports. Inflation is set to rise above the 2%

midpoint of the RBNZ's target range by end '18. A petrol-induced rise in

inflation could make OCR cuts a harder sell in the near term, though it

certainly wouldn't preclude rate cuts if the economy faltered.