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90 seconds at 9 am with BNZ: Oil price falls; GM IPO on; China bigger than US by 2027?; Watson's Apparel nearly bust

90 seconds at 9 am with BNZ: Oil price falls; GM IPO on; China bigger than US by 2027?; Watson's Apparel nearly bust

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news the oil price fell overnight to US$75/bbl after signs that US inventories are rising because of the slowing economy.

Wall Street stocks were flat, although futures prices fell sharply after the close.

The New Zealand dollar was steady around 71.3 USc.

Meanwhile, General Motors has filed papers for its Initial Public Offering or stock market float in another sign the formerly bankrupt car maker is recovering.

Once the world's biggest, it has trimmed down under government ownership and is now looking to get back into private hands.

Also overseas, Goldman Sachs has forecast China's economy could be bigger than the US economy by 2027, much earlier than expected, as long as it continues growing at its breakneck pace.

Finally, Eric Watson's American Apparel operation has warned of possible bankruptcy as early as September 30.

Its shares fell more than 30%.

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I think I will invest in a barge pole producer....likely there will be a massive demand from investors for barge keep the GM IPO as a good distance! Fools will however rush in and drive round with bumper stickers..."I gave to the GM Govt charity"

" The New Zealand dollar surged against the Australian currency overnight as the election across the Tasman on Saturday remains too close to call."( herald)

This "surge" is a tiny one cent blip in a steady can be seen by anyone searching out the trend.

Herald BS.

Well now....... is this the kiss of death?

" Despite signs of a slow and shaky recovery, a survey released today shows New Zealand is not in danger of a double-dip recession."

Does it for me!

I find it amazing this nonsense written about China becoming the world's biggest economy by 2027.  It has been proven that if this were at all possible then China would be consuming 100% of all the worlds resources to achieve this status.  Think about it.

Steve-o - that is fair comment, you can indeed be the biggest, relatively, and by several hundred %, yet the total can be 10% of last year's effort.

Relativity is indeen irrespective of total.