Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that the NZX50 has risen over 3,000 for the first time since October, but that may not last for long. The Dow was down 50 points in late trade as banking and oil stocks reversed off their highs and US consumer confidence fell.
However, there was some good news on the US housing market, which sparked the global financial crisis in early 2008 when prices started collapsing. Prices may be near bottoming out. The closely watched Case Shiller housing index recorded its first rise in over 3 years. Meanwhile, Reserve Bank of Australia Governor Glenn Stevens has signalled there won't be any more rate cuts in Australia and inflation is something to watch.
Also, NAB is set to drop fees for overdrawn accounts, The Australian reported. We'll see whether BNZ does the same later today.
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