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90 seconds at 9 am: Chinese factory output expands for first time in 13 mths; European and Asian stocks up; US on Thanksgiving holiday; NZ$ up a tad
Here's my summary of the key news overnight in 90 seconds at 9 am, including news Chinese factory output expanded in November for the first time in 13 months, according to the HSBC Markit flash Purchasing Managers Index (PMI) released yesterday.
The index reading of over 50 raised hopes that China's economy may be bottoming out after a slowdown over the last year from economic growth rates over 10% to closer to 6%.
European stocks and Asian stocks rose on talk the Chinese slowdown may be turning around. US stocks were not traded because of the Thanksgiving holiday.
This talk also boosted the New Zealand and Australian dollars. The New Zealand dollar was up around 81.5 USc in morning trade from around 81.3 USc yesterday.
Meanwhile, Euro-zone area services and manufacturing output shrank for the 10th month running in November. See more here at Bloomberg.
Closer to home, New Zealand wholesale interest rates rose slightly yesterday. However, financial markets are still pricing in a 85% chance of a cut in the Official Cash Rate over the next year.
Markets see a 15% chance of a cut on December 6 when new Reserve Bank Governor Graeme Wheeler releases his first full Monetary Policy Statement.