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WELLINGTON, Oct 8 (Reuters) – New Zealand's central bank surprised some in the markets by slashing its benchmark rate by 50 basis points to 2.50% on Wednesday, suggesting policymakers were worried about the frail state of the economy and stood ready to act decisively. The decision went against 15 of 26 economists surveyed in a Reuters poll who had forecast the Reserve Bank of New Zealand would cut the official cash rate by 25 basis points. However, the larger cut wasn't totally unexpected as the remaining 11 economists had picked a 50-bp reduction and markets were primed for the RBNZ to pull harder on its monetary policy levers to inject impetus to a weakened economy. The central bank has cut rates by 300 basis points since August 2024, and with inflation within its target band of 1% to 3%, policymakers have leeway to lower borrowing costs further. (Reporting by Lucy Craymer Editing by Shri Navaratnam)

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SYDNEY, Oct 8 (Reuters) – Australia will provide A$600 million ($395 million) over the next three years in financial support for Glencore's Mount Isa Copper Smelter and Townsville refinery in Queensland state. Funding will be provided in three payments of up to $200 million over the next three years, contingent on the completion of a transformation study, alongside other review points, Federal Industry Minister Tim Ayres said in a statement. The funding was announced by the federal and the Queensland state governments. ($1 = 1.5205 Australian dollars) (Reporting by Renju Jose in Sydney; Editing by Jacqueline Wong)

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Both teams will be dealing with quarterback uncertainty when the Iowa Hawkeyes head to Madison, Wis., on Saturday for the annual battle for the Heartland Trophy. Iowa (3-2, 1-1 Big Ten), coming off a bye, lost 20-15 at home to seventh- ranked Indiana two weeks ago. Hawkeyes quarterback Mark Gronowski suffered a knee injury in the fourth quarter and did not return. Wisconsin (2-3, 0-2) lost 24-10 at No. 15 Michigan on Saturday as third-string quarterback Hunter Simmons made his first start. The Hawkeyes have dominated the series in recent years, winning three straight and four of the last five. Iowa pounded the visiting Badgers 42-10 last season. Wisconsin leads the historic series, which dates to 1894, with a record of 49-47-2. "There's no doubt that what happened last year is something that's fresh in the minds of everybody on this team and a part of this program," said Wisconsin coach Luke Fickell on Monday. Gronowski has completed 68 of 106 passes for an average of 127.2 yards per game with three touchdowns and two interceptions. Backup Hank Brown completed 5 of 13 passes for 48 yards against Indiana. Jeremy Hecklinski is Iowa's third option at quarterback. Iowa coach Kirk Ferentz said Tuesday that Gronowski was medically cleared to play and was optimistic he would be ready for Wisconsin. "So far, so good," Ferentz said. "It's been encouraging. Certainly, he's getting some good work in. A week ago, I wasn't so optimistic, but we'll just take it as it goes this week." The Hawkeyes rank fourth nationally against the run, allowing just 69.4 yards per game. Iowa is 12th in total defense, surrendering 254.2 yards per contest, while averaging 327.4 on offense. Wisconsin starting quarterback Billy Edwards Jr., a transfer from Maryland, suffered a sprained knee in the opening nonconference win over Miami (Ohio). Edwards tried to play in the Big Ten opener against Maryland, but came out after one series and did not play against the Wolverines. Danny O'Neil, a sophomore transfer from San Diego State, completed 23 of 27 passes for 283 yards and three touchdowns in his first start, a 42-10 rout of Middle Tennessee. But he proceeded to struggle against Alabama and Maryland. Simmons, a redshirt senior transfer from Southern Illinois, completed 18 of 29 passes for 177 yards with one interception in the loss to Michigan. Fickell did not have an update Monday on Edwards' status, but said Simmons would probably start again if Edwards is unavailable, with O'Neil in the mix. Wisconsin, which scored just 34 points over its last three losses, is averaging 309.2 yards per game, while allowing 316.6. The Badgers also have been tough against the run, giving up just 75 yards per game, sixth-best in the country. Iowa's Kaden Wetjen leads the nation in punt returns at 31.5 yards per return with one touchdown and is second in kickoff returns at 35.5 yards and another score. –Field Level Media

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By Gregor Stuart Hunter SINGAPORE, Oct 8 (Reuters) – The U.S. dollar rose to its strongest levels in six weeks in early Asian trading on Wednesday as risks around the U.S. government shutdown intensified, sparking fresh investor worries and boosting demand for safe haven assets. The dollar index, which measures the greenback's strength against a basket of six currencies, rose 0.50% to 98.616, its highest level since 27 August, as U.S. President Donald Trump threatened to carry out mass firings of federal workers during the standoff. "With no resolution to the government shutdown in sight, sentiment in financial markets deteriorated," analysts from Westpac wrote in a research report. With the shutdown entering its second week, the probability of an end to the shutdown within the next week stands at 26%, according to the betting site Polymarket. The yield on benchmark 10-year Treasury bond edged up to 4.1307% compared with its U.S. close of 4.127% on Tuesday. The Federal Reserve is still widely expected to lower interest rates later this month, with Fed funds futures implying a 94.6% probability of a 25-basis-point cut, according to the CME Group's FedWatch tool. Precious metals markets recorded fresh highs as investors sought safe havens, with U.S. gold futures breaching the $4,000 per ounce milestone on Tuesday. "Uncertainty about the global economy is one of the main drivers, and the U.S. government shutdown isn't exactly helping sentiment either," analysts from ING wrote in a research note. Against the yen, the dollar was trading at 152.205 yen , up 0.2% from late U.S. levels and hovering near the strongest level since February, as investors weigh up the impact of Sanae Takaichi's economic policy settings. Takaichi, who surprised markets by winning the ruling party's leadership election over the weekend to become Japan's next prime minister, has left investors wondering whether the protégé of the late Shinzo Abe could usher in similar stimulus policies that may boost stocks but leave the yen fragile. The kiwi traded at $0.5801, little changed before the Reserve Bank of New Zealand's policy decision later in the day. The central bank is widely expected to ease monetary policy, but markets are split on whether it will cut by 25 basis points or 50 basis points to revive a weakened economy. The Australian dollar was unchanged at $0.65836. The euro stood at $1.1655, steady so far in Asia, while sterling was at $1.3429, up 0.1%. The offshore yuan fetched 7.1469 yuan per dollar, trading flat compared with the previous session. (Reporting by Gregor Stuart Hunter Editing by Shri Navaratnam)

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