90 seconds at 9 am with BNZ: Fed Farmers against OCR hike; Bank of Israel hikes; NZ$ hits 2010 highs; Dow up 1%

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news from Federated Farmers of a six monthly survey of farmers showing they are opposed to a likely increase in the Official Cash Rate to 3% from 2.75% this Thursday.

The survey also found farmers slightly more pessimistic about the economy generally, but more optimistic about their own profitability.

Interestingly, a net 21.3% of farmers planned to cut debt, which compared with a net 20.8% who planned to increase debt in the survey a year ago.

Meanwhile, Australia's QBE Insurance, which also has big operations in New Zealand, has warned of a 40% fall in profits because of lower bond yields, sparking a slump in its share price.

In London, BP's CEO Tony Hayward is resigning to be replaced by fellow BP executive Robert Dudley. Will he do right?

Meanwhile in New York, the Dow rose 1% after new US home sales bounced in June more than expected, although May sales were the lowest since 1963 after the expiry of a tax break.

This helped boost the New Zealand dollar to a 2010 high of 73.5 USc.

Meanwhile in the Middle East, the Bank of Israel unexpectedly increased its official interest rate by 0.25% to 1.75% in the wake of climbing house prices and rising inflation expectations.

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