Here's my summary of the key news overnight in 90 seconds at 9 am, including news of rising Western fortunes.
In its most optimistic assessment since the start of the GFC, the IMF says the world's rich nations will bolster growth in 2014 while it is the emerging nations that are the laggards this time around. The US is expected to grow 2.8% this year, up from 1.9%, the UK will be up 2.9%. On the other hand, they say Australia will be stuck in the doldrums. Their latest World Economic Forecast doesn't mention New Zealand.
American job openings jumped to their highest in six years in February and there was a significant decline in layoffs, more signs of a steadily improving US labour market.
The latest Bank of Japan monetary policy review saw them not adding to their stimulus programs as some had expected. Instead they see the Japanese recovery taking hold after their sales tax increase. The yen strengthened after this review.
The Australian government is going to exempt Chinese foreign investment below A$1 billion from requiring formal approval in a similar deal the previous Labor government gave the Japanese and Koreans, according to an AFR report.
The wage honey pot that is Western Australian mining is shrinking. Workers there are facing a dramatic post-boom correction to wages and conditions, with a new union-agreement reducing labour costs for employers by up to 20%.
Yesterday's sell-off of technology stocks has been reversed on Wall Street and the overall indexes are higher today. Benchmark bond yields moved back to 2.70% for the UST 10 year, gold and oil were higher with gold now over US$1,310/oz and both US and Brent oil markers were up US$2/barrel.
Locally, Treasury's Kiwi Bond interest rates rose by as much as 0.5% as they are adjusted to reflect rising short term rates in New Zealand.
The NZ Dollar starts today quite a bit higher 86.8 USc, the Aussie is at 92.7 AUc, and the TWI is now at 80.5 this morning.
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 »
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7 Comments
in so far as it keeps up appearances in servicing of the debt.
on the other hand
however these days growth can be found on stage performing with his band “Shinobi”.
http://highheelsandhangovers.com.au/bachelor-of-the-week/bachelor-of-th…
and a royalist to boot.
.... bring me my bow....
Growth as we have known it, is no longer sustainable
I suggest you look at www.populationmatters.org and also perhaps have a read of Prosperity without Growth economics for a finite planet, by Tim Jackson
We will have to face very soon that a new way of doing things is going to be necessary and the old ways of thinking will have to be consigned to the place where all old things end up
Growth in NZ government workers
http://www.stuff.co.nz/national/politics/9918856/Welcome-to-the-bureauc…
Not enough Calamity....
http://www.slate.com/blogs/future_tense/2014/04/07/el_nino_2014_2015_fo…
"off-the-charts warm water is lurking"
Someone will make a buck out of this...
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