90 at 9: US stock market rallies on recovery hopes and easing Swine flu fears; Fiat to take over Opel
5th May 09, 9:23am
Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with ASB Bank. US stocks were up more than 2.5% in late trade on hopes the worst of the economic recession may be over and signs the Swine flu is not as virulent or fatal as it was initially in Mexico. Meanwhile Fiat is looking to take over Opel and join it up with the remnants of Chrysler to create the world's second biggest car maker. I think it will be a disaster. These big cross border car mergers almost never work. Just ask BMW, which bought Rover and lost billions of euros, and Daimler Benz, which bought Chrysler and lost tens of billions of euros.