Here's my summary of the key news overnight in 90 seconds at 9 am, including news EU officials are non-plussed by the reaction to their tax on Cypriot deposits. You know that is the case because they are blaming the negative market reaction on 'speculators' - a catch-all term they are using for people who object to the partial bank account confiscation.
However, policy makers have signaled some flexibility on how the unprecedented bank tax will be applied, seeking to overcome the outrage that threatens to derail the nation’s bailout.
Cyprus was working on a last-minute proposal to soften the impact on smaller savers after a parliamentary vote on the measure central to a bailout was postponed. It has closed its banks until Thursday local time. Meanwhile, the Russians are getting very unhappy.
HSBC is under attack again. Argentina's government says it has filed charges against its local subsidiary, accusing the company of helping third parties to engage in tax evasion and money laundering. Internationally, the bank is set to cut thousands more jobs as it moves to more outsourcing.
Overnight a truly huge industrial order was announced. Lion Air of Indonesia has ordered NZ$30 billion worth or aircraft from Airbus, snatching away one of Boeing's most loyal accounts. It is for 234 airplanes.
In China, average new home prices rose sharply in February from a month earlier, a development that could give Beijing added reason to clamp down on the fast-heating property market.
The rush to build new homes is gathering pace in Australia too. As we reported yesterday, Sydney is moving into a major new construction phase raising their targets significantly.
House building will be the new growth industry on both sides of the Tasman, reversing years of neglect. It will impact the New Zealand economy in a significant way as the catch-up gathers pace.
The Dow started Monday trading down but has clawed back much of that Cyprus-induced loss by mid-day. Oil is up, and gold has pushed up though US$1,600 per oz.
The kiwi dollar starts today basically unchanged at 82.6 USc, 79.4 AUc, and the TWI is at 75.9.
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.