Here's my summary of the key news overnight in 90 seconds at 9 am, including news that we start today with a couple of new benchmarks being set around the world.
Firstly, equity markets are at new highs. The Dow and S&P500 are at new record highs in mid-day trade. New official data for February showed US factory orders exceeded forecasts and January was revised up too.
US car sales were reported to be healthy in March, their highest in more than 5 years.
Going the other way, Gold fell the most in a month losing almost US$25/oz and down to US$1,576/oz
The euro-area jobless rate rose to a record 12% in February, with Spain topping the pain index at a record 26.3% jobless, higher even than Greece. Youth unemployment in Spain is a staggering 55.7%. German unemployment is just 5.4% and believe it or not, Ireland's rate fell - to 14.2% down almost 1% from a year earlier.
Weak factory orders in Britain are helping cast a pall over their economic prospects. In fact their currency has fallen sharply overnight and the NZ$ now trades at a record post float high.
The Chinese yuan also hit a record high, this one against the US dollar. The Chinese authorities are loosening their controls - and chiding the Aussies saying they would be sympathetic to Sydney becoming a trading hub for its currency but has been surprised by Australia’s lack of engagement, Shanghai’s top finance official said.
But the really big news overnight is from the Fonterra auction - prices were up 14.2% in US dollars from the previous auction two weeks ago, and remember those were up 14.8% themselves. Prices are up 54% since the beginning of the year, up 66% in a year. These rises are far more than is being reflected in our strengthening currency.
The Kiwi dollar starts today sharply higher at 84.2 USc, 80.5 AUc, and the TWI is at 77.3.
6 Comments
Awfully quiet on the 90@9 today, everyone licking their wounds perhaps?
Now you know that's disgusting behaviour Scarfo, we don't have the necessary saliva enzimes to produce healing.
If you mean the currency....sure.....it's painful, but you live with pain long enough and you just get numb to the spikes.
Fonterra's little release of last Dec....intimating the currency was a negative was just plain bullshit,...... the big hedge was never trimmed,never even considered for it.
Holy Cow..! all hail !
How true Count, the human mouth is quite infectious. I have to say my comment wasn't directed at anything in particular but simply provocative to see what comes out in the wash. Not mouthwash I might add. A little provocative you might say, but there was a large vacuum from the normal correspondents. Perhaps a little bit of exhaustion creeping in? Haven't bothered to look at charts for a while but isn't that one hell of a multi year triangle in oil nearing the apex.
Don't worry too much Scarfo, looks like Grant Shirley's getting busy filling it up as the overnights come in....just love his one liners......the touch of omnipotence about him....ha ha.
Good time to buy sex...cut out the middleman.
Count does this sort of thing have any interest for you.
Well it does now Scarfo...I'll save it and digest it overnight....
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