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90 seconds at 9 am: US stocks up a touch; NZ$ firm; Focus on US Federal Reserve and Chinese 'hard vs soft' landing signs; Debt, oil hold back global recovery
Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news US stocks rose 0.2% on Friday night and the New Zealand dollar was firm.
See more here at Reuters on the rise in US stocks despite weak home sales figures.
But stocks globally posted their biggest loss last week for any week in 2012 as fears about global economic recovery returned to haunt investors.
Very weak factory production figures in China, France and Germany were the catalyst for the slide.
It seems that whenever signs of a recovery emerge, interest rates and the oil price rise, which in turn slams the brakes on any recovery.
The developed world's smothering debts and the strong demand from emerging markets for a limited supply of oil is acting like a kind of automatic braking system for the global economy.
US authorities are considering releasing special oil reserves to keep the pressure off oil prices.
Meanwhile oil prices rose again on Friday on a report that sanctions on Iran would reduce its exports by 300,000 barrels a day.
Petrol prices are near record highs in New Zealand.