Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with the BNZ, including news the Dow closed down 2.6% and the S&P500 closed down 3.1% on renewed fears about a double dip recession or worse in the United States.
This followed much weaker than expected consumer confidence figures and early indicators of a slowdown in the Chinese economy.
There are also new worries about the European banking system a day ahead of the European Central Bank's plans to withdraw a key plank of support. It plans to remove a programme of lending banks 1 year funds and replace it with a 3 month facility. Banks there must come up with 442 billion euros by Thursday.
Meanwhile, the New Zealand dollar fell to 69.2 USc from as high as 71.5 USc a few days ago as global economic worries again reduced appetites for riskier commodity-linked currencies like ours.
This is the end of the financial year for many. Allied Farmers is waiting for a renegotiation of a loan facility with Westpac and Allan Hubbard had hoped to have a deal to invest more capital in South Canterbury by the end of today.
Also, Fonterra's farmer shareholders vote on an historic plan to trade shares with each other remove redemption risk from Fonterra's balance sheet.
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