In this section
Offers for readers
Follow the news from interest
The comment stream
- 1 of 30359
- 1 of 415
The news stream
- Taskforce to target 'loopy' council rules 46
- Bernard's election diary - July 22 40
- Bernard's election diary - July 23 35
- Bernard's election diary - July 21 27
- Net migration at 11 year high 24
- 90 seconds at 9 am: Markets ignore non-economic tensions 14
- Time for government to wake up 13
- Regional Divide: Zombies, Cinderellas and Sleeping Beauties 12
- What happened Tuesday 7
- Farm prices and sales volumes rise in June quarter 7
90 seconds at 9 am: US prices tame, factories busy; Germany marks time; World Bank sees bright 2014; China stimulus more than US; Aussie bankers grumble; NZ$1 = US$0.835 TWI = 79.0
Here's my summary of the key news overnight in 90 seconds at 9 am, including news the World Bank sees a brighter 2014.
US producer prices rose but very modestly in December, and manufacturing activity in the giant New York region was up quite strongly.
The Fed's important Beige Book will be released soon and we will update this story with the details when they are available. UPDATE: Fed is reporting 'moderate expansion' broadly distributed across the country.
The German economy - thought to be the strongest in Europe - grew just 0.4% in 2013, held back by the health of its trading neighbours.
In fact, the World Bank has delivered an optimistic assessment of 2014 prospects for the world economy, and especially for developing economies, although it is nervous about the impact of the US withdrawing its stimulus.
However, speaking of stimulus, it is emerging that China has pumped much more into its economy that the US has done, and helping explain why Chinese asset prices have jumped so much.
As an aside, one of the the larger China dairy company has reported a loss and is raising prices for its products. Its competitors are following suit.
In Australia, their disgraceful banking inquiry (disgraceful because it is being led by the most senior bankers themselves) has heard that banks there are concerned about bank-bashing.
Gold has fallen back a little and is now just below US$1,240/oz. US benchmark oil however has risen to over US$94/barrel following reports of declining local inventories and the good manufacturing data. However both the Dow and S&P500 are up strongly in late trade. UST benchmark 10yr bond yields are back up to 2.90%.
The NZ dollar starts today virtually unchanged against most currencies except it is half a cent lower against the US dollar at 83.5 USc, 93.5 AUc, and the TWI is at 79.0.
If you want to catch up with all the changes yesterday, we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »