Here is a quick snapshot of some key overnight news, views, and data.
World moves closer to food price shock
A surprise cut in the sticks on hand for some key food crops has sent their prices racing up, and is focussing governments on avoiding a repitition of the 2008 food crisis.
Betting the China-bubble will burst
The world is looking to China as a springboard out of recession - but some hedge funds are betting the country's credit and growth levels cannot be sustained.
'Hot' money causing trade tensions
Emerging nations unleash a slew of measures to deal with the flood of cash unsettling their economies.
Motivating children
"What Chinese parents understand is that nothing is fun until you're good at it. "
- Amy Chua
more below ...
| 7 am | --- 52 week -- | |||||||
| Today | Friday | high | low | |||||
| -------- | -------- | --------- | --------- | |||||
| FX rates | NZ$1=US$ | 0.7667 | 0.7698 | 0.7964 | 0.6584 | |||
| NZ$1=AU$ | 0.7754 | 0.7691 | 0.8212 | 0.7408 | ||||
| Gold | in US$ | 1,367 | 1,384 | 1,421 | 1,058 | |||
| in NZ$ | 1,783 | 1,798 | 1,877 | 1,507 | ||||
| Copper | in US$ | 9,591 | 9,625 | 9,754 | 6,091 | |||
| in NZ$ | 12,509 | 12,503 | 12,811 | 8,951 | ||||
| Crude oil | in US$/bl | 91.66 | 91.79 | 91.91 | 70.15 | |||
| in NZ$ | 119.55 | 119.24 | 121.36 | 101.30 | ||||
| US Treasuries | 30 yr bond | 4.53% | 4.52% | 4.78% | 3.61% | |||
| Dow | DJIA 30 | 11,787 | 11,734 | 11,787 | 9,614 | |||
Fitch says Greece is 'junk'
Ratings agency Fitch has cut Greece’s long-term debt rating by one notch to BB+ from BBB-. This drops the eurozone member’s debt under investment grade. They say the outlook is negative.
No worries
China should not worry about being too heavily invested in the dollar and U.S. government debt, because its dependence is not unique in a world with few alternatives, a senior official at China's sovereign fund said. China holds about 20% of US Treasuries.
Consumerism spreads
Exports fueled the initial stages of China's ongoing economic boom. Now, however, the government in Beijing is placing a greater emphasis on domestic consumption.
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