Here's my summary of the key news overnight in 90 seconds at 9 am, including news new-home construction in the US unexpectedly climbed to a four-year high in October, more evidence of a revival in the industry that’s helping propel the American economy.
There was mixed news in Europe however. On the downside, Moody's stripped France of its coveted Aaa credit rating, cutting it one notch.
The French reaction was interestingly different this time. Rather than whining, they took it on the chin and said they will respond with reforms to turn their flagging economy around. It will be the Swiss central bank that may be sweating though - it holds enormous volumes of French official debt and the downgrade may involve it with big losses.
On a better note in Europe, rumours are building that there will be a positive signoff on the Greek debt restructure. 'Greece has delivered' an EU official has said.
In China, not much to report there overnight. But there was an interesting editorial in the official Communist newspaper urging the new leader to seek closer ties with the US. This is a marked change in rhetoric from a source which is regarded almost as an official mouthpiece.
US stocks are off 0.5% in mid-day trading on a big writedown by Hewlitt Packard, which has overshadowed the good US housing-start news. Oil is down sharply, off about US$3 per barrel, and gold is down US$10 per oz.
And in the latest Fonterra auction, dairy prices are up again, up +0.7% from the prior auction. That makes it seven of the last eight auctions that have seen dairy prices rise.
The NZ$ opens today at 81.6 USc and the TWI is at 73.3
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