Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the Australian economy faces a contraction in economic output in the first quarter because of the Queensland floods and Cyclone Yasi.
Treasurer Wayne Swan said the economy of New Zealand's largest trading partner may struggle to grow in the first quarter. See more here at The Australian.
Meanwhile in the Middle East, long queues have formed outside banks in Cairo as they reopened for the first time in more than a week. Withdrawals are limited to up to US$10,000 in currency. See more here from BBC.
An Eyptian bond auction also failed overnight as concerns about a wholesale bank run in Egypt grow. See more here at ZeroHedge.
Meanwhile US stock markets continue to celebrate talk that the US economic recovery may finally have started. The S&P 500 was up nearly 1%. See more here at Bloomberg.
However, there are also fears that the inflation genie is getting out of the bottle with the US 10 year Treasury bond rising a further 4 basis points overnight to a 9 month high and experiencing its longest losing streak in 3 months.
Also, investors are worried about a further US$72 billion worth of US bonds and bills to be sold in the next three days to help fund the huge US budget deficit. See more here at Bloomberg.
Copper prices have risen through US$10,000 a tonne in recent days.
Sugar prices rose on further supply concerns in India. See more here at Bloomberg.
However, the oil price fell somewhat as tensions on the street in Egypt eased somewhat.
7 Comments
New CEO for the Warehouse - http://www.nzx.com/markets/NZSX/WHS/announcements/4629335/WHS-CEO-succe…
Bernard -one for your totally unrelated video slot at 10:
http://www.telegraph.co.uk/news/uknews/crime/8309524/Jewellers-saved-fr…
Quite extraordinary!!
This little snippit of news will probably be overlooked by most yet it will very possibly have very sad consequences for humanity. Without a doubt it is a subject that must be watched very carefully.
Funny thing but 2005 was 1 in 100 year event...so this one was 1 in 200? year event but both in 5 years, but we've had the warmest decade in modern records...
then we have russian heat wave as a 1 in 1000 year event.....
then we have tennesse rain as a 1 in 1000 year event....
then we have Queensland flooding as a 1 in 200? year event....
then insurance costs rising because these so called 1 in 100 or more events are happening more frequently and in more places than statistically they should.........
but oh no global warming isnt man made.........even though when you take the noise out there is nothing else causing the warming but CO2 and nothing else emitting CO2 but man....
regards
Terry Serepisos is flying to Zurich to try and save the Phoenix and four other companies from IRD - http://www.stuff.co.nz/business/industries/4628134/Terry-Serepisos-puts…
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