Here's my summary of the key news overnight in 90 seconds at 9 am, including news that Facebook is moving into banking.
But first, American retail sales recorded their largest gain in 1½ years in March in a clear sign its economy is bouncing back from its weather-induced slow period.
Inventories and business revenues were higher too in February according to a separate report.
The US Congressional Budget Office has said the American Federal government deficit will fall to US$492 billion this year, a steeper drop than originally predicted. That would make it lower than the 30 year average on a % of GDP basis and it is down a third from a deficit of US$680 billion in fiscal year 2013.
The global trade outlook is brightening too says the WTO. It says international trade will pick up speed and will grow by 4.7% this year and by 5.3% in 2015.
And even the Euro area is now participating in the upturn, according to data released overnight.
And here's a news item that bankers should worry about. Facebook is preparing a push into financial services and turn itself into a payments platform, with tools for members to store and send money online. The social network has applied to Irish authorities for a license that would allow it to provide remittance and electronic money services to its members across Europe. Coming here soon?
And perhaps something that will address the high cost of house-building in New Zealand. A Shanghai man has used 3-D printing technology to build ten houses out of construction waste in a proof-of-concept project. He apparently did it all in 24 hours.
On the better US retail and international trade data, markets are up today. Both oil and gold are higher too. But the recovery in UST 10 yr benchmark bond yields was modest, up to only 2.65% this morning.
We start today with the NZ dollar at just under 86.8 USc, 92.2 AUc and the TWI is at 80.4.
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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2 Comments
Govt move as much "civil service" out to the rural areas (reducing pressure to move to the cities)
Govt subsideses companies to set up in more rural areas.
0-5 years Only allow 4 times main salery to be taken into cosideration and has to cover mortgage payments
6-10 years Only allow 3.5 times main salery to be taken into cosideration and has to cover mortgage payments
11-15 years Only allow 3 times main salery to be taken into cosideration and has to cover mortgage payments
16-20 years Only allow 2.5 times main salery to be taken into cosideration and has to cover mortgage payments
Immigrants/investors only allowed to build new houses.Where do we get to...
Families that can afford to have Mom (or Dad) back at home when the kids are growing up.
Less modern slavery (debt) to the banks - i.e. rest of the world.
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