Bernard Hickey details the key news overnight in 90 seconds at 9am in association with BNZ, including news Australia's anti-monopoly watchdog, the Australian Competition and Consumer Commission, has ruled against National Australia Bank's bid to buy the Australasian assets of AXA Asia Pacific on the grounds it would hurt competition and future innovation. This clears the way for a rival bid for AXA Asia Pacific by AMP. It's not clear what this means for New Zealand's branch of AXA. NAB will challenge the ruling. Meanwhile, it has emerged that the Securities and Exchange Commission voted along party lines 3-2 to go ahead with its shock allegations of fraud against Goldman Sachs. The Democrats voted for the allegation and the Republicans voted against it. Meanwhile, the Greek fiscal crisis is back with Greek bond yields hitting a record high 7.6% overnight on fears its rescue package funded by the Eurozone and IMF might unravel. The air travel chaos across Europe has stopped IMF officials from travelling to Greece. German bund yields rose overnight on bond market fears its u-turn on Greece's bailout package will force Germany to bail out much of southern Europe.
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