Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that ASB survey of housing confidence has found owners and investors saw house prices rising over the next year. This is the first time since late 2007 that people saw house prices rising. Also there's a real turnaround in expectations for interest rates with more seeing rates rising. Meanwhile in Britian, the Bank of England has decided to increase its programme of quantitative easing by 50 billion pounds to 175 billion pounds, the FT reported. This is effectively money printing through the Bank of England buying bonds. Meanwhile across the Atlantic, Barack Obama is striking real political trouble. His approval rating has dropped to 50%. But he is not planning a second stimulus plan. US unemployment is expected to rise through 10%. New Zealand's rate hit 6% in the June quarter, while Australia was steady at 5.8%.
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