Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the New Zealand dollar was slightly weaker overnight at just under 75 USc and has been the worst performing of the most traded currencies so far this year.
However, it has remained relatively strong and stable despite the worst natural and economic disaster in our history. See our interactive chart below.
Record high commodity prices have helped. The ANZ Commodity Price index rose 2.7% last month to a fresh record high. See more here in our article.
Overnight milk powder prices in Fonterra's fortnightly internet auction rose 5.9% to a record high for the internet auction and their highest level since January 2008.
Prices are only 12% below their October 2007 peak.
See our full article here on the Fonterra powder price surge.
Meanwhile, the Dow was down 1% overnight despite news of the fastest US factory outpute growth since May 2004. See more here at Bloomberg.
Markets are worried about another surge in the oil price overnight on fears of turmoil in Iran, where protestors clashed with security officials overnight.
Meanwhile, US Federal Reserve Chairman Ben Bernanke said the US economy was in a 'self sustaining' growth mode with growth expected this year of around 4.1%. See more here at Bloomberg.
But he said he was determined to keep his QE II programme of money printing going because jobs growth was anemic. He said any inflation gain from rising commodity prices would only be temporary. See more here at Bloomberg.
20 Comments
And a new high for gold - http://www.theaustralian.com.au/business/markets/gold-strikes-record-cl…
Its pretty close to a new high in NZ$ terms as well - $NZ1911.
I believe it got to $NZ1930 a couple of years ago when the NZ$ was weaker.
Jeez what a cr*p investment.........
All things you need will be forever going up in this current paradigm. All the things you dont are interest free for 3 years at Harvey Moron and Noel Lemon.
The Benanke said...lol...does anyone still listen to this overeducated moron?
The QE mandate of the Ferral Reserve is set to finish in July so then the next round of printing will begin what will that be? QE3? or 4? ive lost count!
Meanwhile Bill will be borrowing more and we the public receiving the bill from Bill.
LOL always wondered who Bill was he keeps sending me mail called Bill....
Meanwhile, US Federal Reserve Chairman Ben Bernanke said the US economy was in a 'self sustaining' growth mode
There is no such thing.
Anyone who thinks there is, is either lying to you, is stupid, or is psychologically inclined to be a 'believer', which probably translates as 'insecure'.
But we'll repeat it: There is no such thing as a 'self-sustaining growth mode'.
Ms Ryan on Nine-to-noon, should have thought that one through, before the nonsense interview this morning. She takes 'economic growth' for granted - and she's been told......
Berwanke is a believer in free energy and perpetual motion machines
As for Ms Ryan, she along with many of the RNZ team lack real economic sense and objectivity. They fail to see what even a simple crock like QE really is
I believe the term is "oxymoronic" in regards the "self sustaining growth mode"...
Oxymoronic is correct - and I always get a giggle from the last bit.
And Cognitive Dissonance is the mental problem. (or one of them).
This is the same guy who didnt see the recent mess coming...........
Ms Ryan and many of the Pollies are in denial.....its hard when your entire life / lifestyle / economics knowledge / political outlook is all around growth and having more and thats now finished....I wonder on how these ppl will adapt.....I dont think they will, guess they'll stay on the titanic rather than jump in a lifeboat........
regards
...Bernankie's statement is totally disingenuous. If the money supply expansion is permanent, then the inflation resulting from it will be permanent...temporary my foot...I don't believe he will ever unwind (recall) money issued under QE 1 and 2 (which would reduce prices back to previous levels)
..thanks for post that Justice, Peter Schiff is spot on
He really is and he holds no punches does he? Got alot of time for Mr Schiff
One of the most concerning aspects of NZ society today is the lack of a viable opposition party in Parliament.
Check out Phil Goff statement in this one;
Labour leader Phil Goff said cuts to Working for Families and student loans were the wrong way to go. "That would simply slow the economy down. We must keep money in the pockets of people who will spend it."
Thought we were meant to be saving money? Or are we spending it now? Or are we saving it now? Im confused!
LOL you just cant make this stuff up!
I vote for none of them! Thats the most productive vote!
yep i've often said that all election forms should have a "none of the above" option that counts as a vote.
on a tangential note, i was saddened that the census has been canned this year - it's hard to plan without accurate data
Context? He's in opposition to the Govn cutting WFF....
Personally I think WFF can be cut back and should be....its a mad piece of social engineering...
regards
Labour leader Phil Goff said cuts to Working for Families and student loans were the wrong way to go. "That would simply slow the economy down. We must keep money in the pockets of people who will spend it."
He's so thucking short sighted! How about helping them to gain real skills and real jobs so they don't need it Phil?
He's quite happy to bankrupt the country to keep votes!
Ha. This is the guy Serepisos is banking on. Everything ok now? Cue Tui ad
http://www.smh.com.au/business/investors-cry-foul-over-30m-lost-in-loans-scheme-20110302-1bddr.html
PROMINENT Australian property developers, hoteliers, pastoralists and other business figures have fallen victim to an international investment scheme handing over more than $30million in fees for loans that never eventuated.
A billion-dollar land development in NSW is teetering, while other businesses are scrambling to prevent banks foreclosing.
Among the potential victims are the former Queensland treasurer Keith de Lacy and other executives from Cubbie Station, one of the largest rural properties in Australia.
Advertisement: Story continues belowOthers include a well-known developer, as well as the Urban Taskforce member Matt Somers and his business partner Alan Keller.
The scheme is the brainchild of Ahsan Ali Syed, a 39-year-old Indian based in Bahrain and Switzerland.
Mr Ali recently travelled to Madrid in his private Bombardier jet, which has his name on the wing and his company's logo – a horse's head – emblazoned on the tail.
Mr Ali was in Spain to seal the deal on his purchase of the first division football team Racing Santander. Last year, Mr Ali tried to buy the English premier league team Blackburn Rovers.
This is all the more extraordinary considering that in 2005 Mr Ali, then living in London, left owing £7800 in back rent on his flat and with bailiffs chasing him over unpaid council taxes.
I'd laugh if Serepisos had been gamed by this guy - spending his last remaining cash for flights and lawyers to sign up to a sham bailout deal...LOL! As those of us of a certain age will recall: "Good one Rolly Hei Hei...."
Yes it would be a ripper. One wide boy scammed by another, LOL.
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