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90 at 9: Currency back up; China GDP strong; Rio staff leave; CIT almost bust

90 at 9: Currency back up; China GDP strong; Rio staff leave; CIT almost bust
17th Jul 09, 8:53am by Bernard Hickey



Bernard Hickey details the key news overnight in 90 seconds at 9am, including news the New Zealand dollar is back up to 64.7 US cents this morning despite Fitch's downgrading of New Zealand's rating outlook yesterday.

Global stock markets firmed overnight as good results from JP Morgan Chase and strong Chinese GDP figures boosted sentiment. JP Morgan profits rose 36% to US$2.7 billion and Chinese GDP rose 7.9%, which was stronger than expected and near the key 8% mark seen necessary to keep China's social system stable.
However, America's largest small business lender CIT looks like it's going to be allowed to go bust. It has 1 million customers and nearly US$70 billion of loans.
Meanwhile, the Rio Tinto crisis worsened overnight when staff were told to leave China. This is a worry for New Zealand, which depends on Australia as its largest trading partner. We can't afford for China and Australia to have a big fight.

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