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The news stream
- Selling houses to foreigners 'benefits NZers' 57
- Why NZ's productivity is an OECD laggard 40
- Inflation weaker than expected 37
- 'Auckland housing doesn't make sense' 31
- Dairy NZ says won't be water 'whipping boy' any more 23
- Chinese developer to build Auckland hotel 21
- Govt scales back Genesis bids sharply 18
- Bernard's Top 10 at 10 16
- Genesis shares an instant hit 11
- Is there really a housing shortage? 10
US earnings season starts well; Geithner's replacement; Morgan Stanley cuts senior jobs; NZ$1 = US$0.839, TWI = 75.6
Here's my quick summary of the key overnight news you need to start your day.
Wall Street is modestly higher as Alcoa's earnings announcement beat estimates. It said it was bullish China as global demand growth for the commodity will see it recover 7% in 2013 as China’s economic rebound drives demand for cans, transport and office buildings. European stocks also rose, and the UK FTSE100 hit a four year high overnight.
Optimism about corporate results does not flow into investment banking however, Morgan Stanley is ready to cut 1,600 jobs, half of them outside the US. Apparently these cuts target senior employees.
In China, Foxconn said Chinese authorities are investigating allegations that at least one of its executive have accepted bribes from suppliers. Foxxconn makes the iPhone and other consumer electronics. Apple needs Foxconn and their low-cost manufacturing capabilities as they are about to launch a new cheaper version of their iPhone product.
Today we get New Zealand data on our trade balance in November, when the NZ dollar averaged 82.0 USc and 73.3 on the TWI.
The NZ$ opens today at 83.9 USc, 79.8 AUc and the TWI is at 75.6