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90 seconds at 9 am: EU tackles China mobile companies, solar panel makers, oil traders; gold and silver recover; NZ$1 = US$0.818 TWI = 77.0
Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news of currencies, commodities and trade tensions.
The European Commission is poised to launch an anti-dumping probe against Chinese mobile companies Huawei and ZTE, opening a new front in its escalating trade clash with China.
Germany is not happy about this latest clash.
The EU is already arguing with the Chinese over solar panels, although there are reports of a settlement on that score with US 'encouragement'.
At the same time, the EU is widening its probe into how energy price indexes are set.
It has been 'working with' oil companies but now it has its sights set on energy traders like Glencore. This one is going to be bigger than Libor I reckon.
Gold rose overnight, snapping its longest losing streak since the financial crisis as some traders who had bet on lower prices during the metal's rout closed out those bets.
Silver also advanced, erasing losses that at one point had totaled more than 9%.
Stocks are holding their high levels with the Dow still well above the 15,000 level. Commodities are stronger, led by those precious metals advances, but oil is up too along with copper. Ag commodities rose overnight as well.
The NZ dollar starts today up at 81.8 USc, 83.3AUc and that is its highest since early 2009, four and a half years ago, and our TWI now stands at 77.0.