Bernard Hickey details the key news overnight in 90 seconds at 9am in association in ASB, including news that St Laurence is close to either receivership or a new moratorium in the next couple of weeks, according to Perpetual Trust's Louise Edwards in the BusinessDay. More bad property loans means directors have warned in the annual accounts that it may not be able to make a big payment due in November 2011. Meanwhile, the Chinese stock market is down 20% inside the last 2 weeks as the Chinese goverment and banks withdraw heavy lending made in a stimulus package in the last year. It begs the question what happens when central banks and governments withdraw their stimulus plans. The Dow was up a bit in late trade, thanks to higher energy stocks in the wake of a rise in the oil price to US$72/bbl. And John Key says an Anzac dollar is probably a bad idea. Here's the debate.
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