Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news New Zealand consumer confidence rose to its best level since late 2007 in October. The ANZ Roy Morgan poll showed a net 32% had a positive outlook for the economy. This contrasted with weaker confidence in the United States in October, which surprised markets. Most US stocks fell, partly due to strong demand for US treasuries. US jobs are the problem. Meanwhile the Reserve Bank of India tightened monetary policy overnight, making it the second major economy after Australia to tighten policy. Meanwhile, our own Reserve Bank is widely expected to hold the Official Cash Rate at 2.5% on Thursday morning at 9am. However, it may bring forward expected rate hikes from its current 'latter part of 2010' to earlier in 2010. Watch You Tube video here.
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