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The news stream
- Women tops in Auckland real estate 76
- 90 seconds at 9 am: American QE 66
- How different is Auckland from the rest of NZ? 43
- Mighty River 'myth busted' 29
- Thursday's Top 10 with NZ Mint 17
- Friday's Top 10 with NZ Mint 15
- 90 seconds at 9 am: Markets spooked 15
- China meat delay resolved 10
- Poll shows opposition to LVR limits 9
- ANZ's 'best ever' home loan offer 6
90 seconds at 9 am: China biggest trading nation; EU adopts reduced budget; BofE pessimistic; devaluation trouble; NZ$1 = US$0.836
Here's my summary of the key news overnight in 90 seconds at 9 am, including news China has surpassed the US to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.
In Europe, EU leaders have agreed to a seven-year budget that cuts spending for the first time, bowing to British Prime Minister Cameron’s insistence on thrift.
The new budget is three percent less that the previous one, which will see Brussels spending €960 billion (NZ$1.5 trillion) over the next six years.
The Bank of England is expected to cut its growth forecasts this week and warn that the squeeze on family finances will last longer than expected in a prediction likely to douse recent hopes that the UK was heading back to recovery.
Venezuela has devalued its currency exchange rate with the dollar, a move aimed to address shortages of basic goods as importers struggle to get a hold of hard currency.
But no-one really expects that a lower currency will magically make Venezuela into a manufacturing powerhouse. Some special-interest manufacturing groups in New Zealand should watch and see how successful that devaluation really is.
Japan is another country that has recently devalued its currency via monetary policy, and even they are having their doubts.
Today we will get the important national house price data for January from QV, and the REINZ data won't be far behind.
The kiwi dollar starts the day at 83.6 USc, 81.1 AUc, and the TWI is at 75.8.