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90 seconds at 9 am: US consumer spending weakens; major bank downgrades; UK IT problem; our banks most profitable in the world; TAF vote outcome looms
Here's my summary of the key news in 90 seconds at 9 am, including news that Egypt has its first freely elected president. The Muslim Brotherhood candidate Mohamed Morsy has been declared the winner. He faces a big task of uniting the country and finding the benefits of the Arab Spring.
The flight to safety is throwing up some odd results. Moody's downgraded 15 major banks late last week, but markets have reacted quite unexpectedly by bidding the stock values of almost all of them higher.
In the UK, there is an eye-watering bank IT problem by one of the majors there. For six days now, NatWest customers have been told that their balances "may not be displaying correctly", and there are big delays in actioning some transactions. Six days plus is a long time.
There is banking news here too. Australia's big four banks have been ranked the most profitable in the developed world by the Bank of International Settlements - for the second year running. Canadian banks were second.
The week starts with a slight rebound from the weakness we saw at the end of last week. The oil price is back near US$80/barrel. The S&P500 and Dow are rising. Agricultural commodity prices are in two camps - plant-based prices are trending near their yearly lows and very weak. Animal-based prices are tending to hold their prices in the mid or upper end of their annual price range, and this helps New Zealand of course.
Bernard Hickey is in Hamilton today and will be following the Fonterra TAF vote outcome and its implications for the New Zealand economy.