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90 seconds at 9am: UK, US downgrade threat; Greece downgraded; Japan's new stimulus
Bernard Hickey details the key news overnight in 90 seconds at 9am, including news that Moody's has warned it may have to cut Britain's and America's AAA sovereign credit ratings if they can't get their budget deficits under control by 2013, Bloomberg reported.
Meanwhile, Japan announced a new budget stimulus to spend US$80 billion to try to jump-start the economy out of a third decade of stagflation stagnation the FT.com reported.
In Europe, Fitch downgraded Greece's credit rating to BBB+ and Standard and Poor's threatened a downgrade because of its parlous budget and current account deficit positions. This dragged global stocks lower and pushed the US dollar higher as investors opted for safety in US dollars. This drove the NZ$ down below 71 US cents.
Finally in New Zealand, Allied Farmers investors voted over 85% in favour of their bid for Hanover Finance. This bid will be decided next Wednesday when Hanover Finance investors vote in Auckland.
4 Comments
Japan's 'third decade of stagflation'?
Japan's 'third decade of stagflation'? Bernard? maybe you aren't old enough to know what stagflation is?
Thanks David. I should have
Thanks David. I should have said stagnation. You're right. Stagflation involves inflation, which Japan hasn't had. Just stagnation. You're right I'm probably not old enough, though I remember high inflation and unemployment here in the early 1980s, thanks to Rob Muldoon.
cheers
Bernard
"...and that children was why
"...and that children was why a man called Ben decided to print sooooooo much money and drop it from a helicopter so that all the silly grown ups would rush off and spend it on stuff. Down here in Noddyland we have our own version of Ben. Our Ben is called Alan...and Alan has made money soooooo cheap to borrow that all the silly grown ups are borrowing mountains of money because they want to get rich children...yes I know it's a bloody stupid story but these grown ups are really really bloody thick...anyway off you go and make a mess in the playground and we will have part two after break...."
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