Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with ASB, including news that The NZ dollar rose back over 65 USc despite comments from Reserve Bank governor Alan Bollard that he may cut the OCR if the NZ dollar didn't fall. International investors appeared to ignore the governor.
But they did notice the difference in rhetoric with Australia. The NZ dollar fell under 80 Australian cents overnight as dealers saw the RBA governor Glenn Stevens talking about rate hikes next while the RBNZ governor Alan Bollard is talking about rate cuts. That makes the Australian dollar more attractive than the New Zealand dollar. That helped reduce our currency on trade weighted index basis, given Australia is our largest trading partner.
Meanwhile, South Island based meat processing cooperative Silver Fern Farm has declared that 76% of shareholders voted in favour of a new capital raising and listing on the Unlisted stock exchange to boost its capital, The Press reported. This just beat the required 75% threshold.
Elsewhere Pita Sharples has suggested a Maori bank is needed to provide capital to Maori businesses, the DomPost reported.< Would it be called 'Iwi' bank? HT Bryan Spondre.
Finally, the Dow rose after a successful auction of US$28 bln of 7 year Treasuries encouraged investors, Bloomberg reported
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