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The news stream
- 'Let's plonk houses in paddocks' 75
- IRD to target property investors 54
- Down, down - more rate cuts for savers 46
- Friday's Top 10 with NZ Mint 35
- Auckland's Unitary Plan will make housing less affordable 24
- S&P may cut TSB, Co-op, Heartland ratings 21
- Govt looks at moving on state house tenants 7
- Lifestyle block prices still soaring 6
- To the NZ media: an F 4
- 90 seconds at 9 am: Downgrades coming ? 4
90 seconds at 9 am: American data softer than expected; Spain and France sell debt successfully; Japan exports grow; NZ$ falls
Here's our summary of the key news overnight in 90 seconds at 9 am, including news that stocks took a step back as investors grappled with euro zone uncertainty, a raft of corporate earnings and softer-than-expected data on the American labour market.
The US Fed said that banks will have a full two years to bring their activities in line with the so-called Volcker rule before regulators start enforcing it.
More Americans than forecast filed claims for jobless benefits and sales of previously owned homes unexpectedly dropped, indicating their almost three-year-old economic expansion may be moderating.
US stocks fell for a second day as data on manufacturing, those home sales and jobless claims all tempered optimism in the economy, overshadowing improving earnings. Treasuries and commodities rose.
Spain and France sold 13 billion euros in debt successfully, with both countries raising what they’d targeted - although borrowing costs are rising.
Japan reported the fastest export growth in a year and a smaller-than-expected trade deficit, helping prospects of a sustained recovery in the world’s third- biggest economy.
The New Zealand dollar fell overnight against most currencies. It opens this morning at US$0.813, its lowest level in a month, and the TWI is starting today at 72.6. The exchange rate to the British pound is nearing its lowest level of the year at UKP0.5066.