90 at 9: Fonterra payout in danger; California bankrupt; 'Green shoots'
2nd Jul 09, 9:02am
by
Bernard Hickey details the key news overnight in 90 seconds at 9am, including news of a fall in the wholesale milk powder price in Fonterra's monthly internet auction. The price is now down 15% from May and the NZ$4.55/kg payout forecast is in danger of falling closer to NZ$4/kg. Meanwhile California declared a fiscal state of emergency and has stopped paying its bills. But the US stock market rose amid new talk of green shoots as car sales were better than expected and factory output contracted at a slower rate.
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