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- Special housing legislation flawed 64
- 'Be brave & tackle home ownership tax status' 56
- Wednesday's Top 10 with NZ Mint 46
- A damn good idea 39
- Monday's Top 10 with NZ Mint 37
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- 90 seconds at 9 am: Trade tension 13
- Quake claimants win in court 8
90 seconds at 9 am: US fiscal negotiations cast a big shadow; confusion of who regulates banks in the eurozone; enormous stimulus expected in Japan; NZ$1 = US$0.844, TWI = 75.2
Here's my summary of the key news overnight in 90 seconds at 9 am, including news the world is waiting nervously for fiscal cliff deal in the US.
There are a few signs of movement - the Republicans said they would agree to higher tax rates for people earning more than US$1 mln per year, an offer rejected by the White House - and investor sentiment is anticipating a positive outcome.
Obama and Boehner huddled at the White House yesterday as the pace quickened in negotiations, and both sides have their own political reasons to get something agreed before January.
But it is casting a big shadow over the US and international business scene.
In Europe, a somewhat unexpected clash is looming between the ECB and Germany. The recent bank reform was thought to give regulatory powers to just the largest EU banks, but Mario Draghi believes he now "ultimately" regulates all 6,000 of them.
In Japan, the magnitude of the Liberal Democratic Party’s win in the weekend elections smoothes the path for fiscal stimulus in early 2013 as incoming Prime Minister Abe moves to end the economy’s contraction.
The big news today will be the local news. We get the latest update on the current account at 10:45 am, and the Government will give its half year economic and fiscal update at 12:30 pm. Both have the potential to move markets, expecially the currency.
The NZ$ starts today at 84.4 USc and 80.1 AUc, and the TWI is at 75.2.