Click here for this morning's video.
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that Global central banks announced plans to start withdrawing their monetary stimulus from the financial system.
The European Central Bank, Swiss National Bank, Bank of England and US Federal Reserve all announced plans to withdraw US dollar liquidity from financial markets. The Fed also said it would reduce lending to US banks by US$350 bln by the end of January. This is a key test for markets.
Will investors used to bailouts and money printing believe the market can survive on its own?
The Standard and Poor's 500 stock index fell half a percent after the exit strategy announcements and news of a surprise fall in US existing home sales in August.
The New Zealand dollar also fell to 71.3 USc overnight on the weaker global markets, but also on talk of RBNZ intervention.
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