Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news from Quoteable Value's survey of house prices for the three months to July showing prices rose 0.7% from the three months to June. However, QV doesn't see prices rising much later this year because our jobless rate is rising and bank lending is not spiking like it did in March. Also, new supply is coming on to the market.
Meanwhile, US unemployment surprisingly fell to 9.4% from 9.5% in figures out on Friday night. However the economy still lost 247,000 jobs,Bloomberg reported.
Also, the US senate has approved a bill to extend the 'Cash for Clunkers' programme by an extra US$2 billion, Reuters reported. This scheme encourages people to trade in old cars for a big government-funded discount on a new car. Ford's Focus is the most popular.
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