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- Tuesday's Top 10 58
- Act now on house prices 32
- Wheeler’s calculated gamble 29
- Opposition eyes new monetary policy 28
- More house price gains seen 27
- 'Mathematical calculations back up fees' -ANZ 19
- What will become of Tiwai’s workers? 18
- Greens drop money printing plan 15
- Monday's Top 10 at 10 10
- Wednesday Top 10 9
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