Here's my summary of the key news overnight in 90 seconds at 9 am, including news the S&P 500 is edging slightly higher in late trade, up for a fifth straight day, on better-than-expected jobless claims and trade data in the United States and hopes of further stimulus action from China's central bank.
China’s industrial-output growth unexpectedly slowed in July to a three-year low while investment and retail sales missed estimates, raising pressure on the Chinese government to step up efforts to support expansion. Their factory production increased 9.2% in July from a year earlier, but that was below all 32 analyst forecasts in a Bloomberg News survey.
Importantly, electricity production - a key metric many anlaysts look at rather than the official stats - eked out only a 2.1% rise and pointing to an even sharper slowdown in Chinese manufacturing. Inflation cooled rather sharply and for a fourth straight month, and producer prices fell for a fifth month.
Despite the slowdown, the Chinese government is keeping its curbs on their property market. House sales there in July were 15% lower than in June.
The US trade deficit in June narrowed to its lowest level since 2010 as exports reached a record level and imports declined due to sliding oil prices. And that improvement contrasts with a widening trade deficit in the UK as it suffers from eurozone weakness.
Still in the UK, there are reports that fully half of all jobseekers there would take a paycut to find a job. There are signs that kiwis may be returning home in greater numbers, and of course they will all need a house to live in.
The NZ$ starts the day still becalmed at 81.1 USc and a very exporter-friendly 76.8 AUc.
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