90 at 9: Currency near 9 month highs; Dow up nearly 3%; Rio dispute escalates
16th Jul 09, 9:01am
by
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news the New Zealand dollar rose to a 9 month high of 65 USc overnight. The US dollar fell against most currencies as stock markets rose, reducing demand for the US$ as asafe haven currency. Also China's foreign reservesrose over US$2 trillion for the first time, prompting some to ask if they will try to reduce their US$ buying, FT.com reported.
The Dow rose after Intel posted a better than expected result and forecast rising sales, Bloomberg reported. It is a tech bellwether. Goldman's strong profit also buoyed the market.
Meanwhile, the Rio Tinto iron ore scandal in China continues to escalate with the US Commerce Secretary investigating and China's state media blaming Rio Tinto for bribing the entire industry, FT.com reported. Elsewhere, China's third-largest carmaker Dongfeng wants to buy Holden, the Sydney Morning Herald reported, and India's Hindustan Petroleum wants to buy Shell's service stations in NZ and its share of the Marsden Point refinery, Stuff reported.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.