In this section
Offers for readers
Follow the news from interest
The comment stream
- 1 of 30389
- 1 of 416
The news stream
- RBNZ hikes, but signals pause 70
- What happened Wednesday 21
- Brownlee offers to resign; Key says no 19
- Landlords' rental yields declining sharply 19
- Bernard's Top 10 at 10 16
- 'Book your parity party venue' 14
- Bernard's election diary - July 25 11
- 90 seconds at 9 am: Low rate angst 8
- Debt free farm slices to tempt investors 6
- Apartment market runs out of puff 5
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