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90 seconds at 9 am: Greek Credit Default Swaps triggered; US jobs better than expected; China posts record trade deficit; Hopes for Chinese stimulus
Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news that Credit Default Swaps (CDS) on Greek government debt were formally triggered after Greece forced private creditors to accept a debt restructure.
About US$3.2 billion worth of CDSes are expected to be traded in what is being described as a controlled default that is unlikely to upset financial markets too much. See more here at Bloomberg.
Meanwhile, US non-farm payrolls growth in February of 227,000 was slightly better than economists' expectations and pointed to an improvement in the US jobs market. The Dow rose 0.1% and the New Zealand dollar was steady around 82 USc.
However, China posted its biggest trade deficit in February in 22 years after a slump in exports to Europe. China's economy is slowing faster than some expected, which also helped push its annual inflation rate down to 3.2%.
This has increased hopes that China's authorities will now be able to enact stimulus measures to speed up the economy again.
Closer to home, Labour leader David Shearer is proposing a private members bill to entrench in law the judgement against the Shanghai Pengxin bid for Crafar Farms. It would force foreign buyers of land to prove it would benefit New Zealand.