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90 seconds at 9 am: Apple up after beating Samsung in patent case and applying to ban S series phones; Spain braces for 21% GST rate; China eyes export rescue
Here's my summary of the key news overnight in 90 seconds at 9 am, including news markets remain subdued ahead of this Friday night's speech by US Federal Reserve Chairman Ben Bernanke at a central bankers symposium at Jackson Hole in Wyoming.
Some economists warn the markets' expectations of strong signs of more money printing may be dashed. Stocks have risen 10% since June on talk both America and Europe would print more money to buy government bonds and reduce longer term interest rates. See more here at Bloomberg.
Meanwhile, Apple shares rose 2% to near record highs overnight after it was awarded US$1 billion in damages from Samsung in a patent infringement case in America. Apple has now applied to ban Samsung's S series phones from sale in America. See more here at Bloomberg.
The S&P 500 closed flat, but the Dow was down 0.3%. The New Zealand dollar was marginally lower at 80.8 USc.
Elsewhere, German Business confidence fell in August for the fourth straight month as the Euro-zone debt crisis continues to drag on activity. See more here at Bloomberg
In Spain, consumers are bracing for an increase in its GST rate to 21% from 18% on Saturday as news emerged of a 25% slump in spending on pharmaceuticals after the withdrawal of a state subsidy. See more here at Bloomberg.
In China, Premier Wen Jiaobao urged fresh measures to support exports to help meet economic targets as China heads for a hard economic landing. See more here at Bloomberg.
(Updated with details)