90 at 9: US housing turnaround?; Oil falls to US$71

90 at 9: US housing turnaround?; Oil falls to US$71


Alex Tarrant presents 90 at 9 in association with ASB. Crude oil prices fell overnight, with US crude oil just above US$71. This follows previous falls yesterday after the oil price failed to reach the 'psychological' US$75 mark earlier in the week. Economist Robert Shiller said in an interview that the US housing market might have seen a turn around, although he cautioned that this was a 'might', as their was still a weak US economy out there. Click here to see the video. Shiller also said that stock prices were still a tad overpriced by historical standards. "I don't think we need any more equity recovery, we've already had it," he said. The NZ dollar fell overnight from close to 69 USc to just above 68 USc. The Dow bounced around overnight and was down at time of recording. However it was up again slightly in late trade. US new home sales hit their highest level in 10 months in July, up 9.6% from June. Finally, Allan Ludlow, former National Finance 2000 director who was banned in November from being a company director for four years, may start working for his son's new company Jetfinance Limited, the Herald reported.
"I may well end up working for Jetfinance in some role, but as far as being a director goes, no." "I've got 15 years' experience in the finance industry - what else am I supposed to do?"

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