Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news of more green shoots for the global economy. A leading indicator of US economic activity rose for the second month running in May, while the Philadelphia Federal Reserve survey of activity in that region improved in June by more than expected. The World Bank also lifted its forecast for Chinese GDP growth in 2009 to 7.2% and sees 7.7% growth in 2010.
All these green shoots boosted US stocks by around 1% in late trade, which in turn helped lift the NZ dollar to over 64 USc overnight as investors felt more comfortable putting money into riskier currencies like ours.
Back in New Zealand, ING fronted up to a meeting of 400 angry investors in Auckland to argue they should accept its compensation offer for its two frozen toxic bond funds. Meanwhile the Securities Commission said the offer was not misleading.
Finally, Westpac has forecast a severe outbreak of Swine Flu could reduce New Zealand GDP by 1-2% as New Zealanders stay away from work and shopping centres, and foreign tourists shy away.
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.