Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that The NZX50 has just had its longest winning streak in over 3 years. It has risen for the last 10 trading days in a row. Fletcher Building is doing well out of the infrastructure boom, including building Eden Park.
SkyCity upgraded its profit outlook and there's takeover action around NZ Refining, which owns Marsden Point. US firm Valero may bid for half of NZ Refining.
Meanwhile the Dow was down overnight despite new US home sales being the strongest since November. The US housing market may be starting to bottom out.
Finally, US Treasury prices fell and yields rose overnight after the market struggled to digest an auction of US$115 bln of new bonds. There were fewer foreign buyers Pressure remains on longer term interest rates to rise.
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