90 seconds at 9 am with BNZ: Sky City wants concessions to go ahead with NZ$350 mln convention centre; Dow down 1.4% and below 12,000; More China hikes?

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the government has agreed to give concessions to Sky City to ensure it builds a NZ$350 million international convention centre in Auckland.

Prime Minister John Key has defended the deal to allow Sky City to have more gaming tables and pokie machines and to extend its casino licence beyond 2012 in exchange for building the centre.

See Alex Tarrant's article here.

Sky City and the government argue the centre would generate NZ$90 million of extra business each year and 800 jobs, along with 101,000 extra guest nights.

Meanwhile, the Dow and S&P 500 closed down 1.4% on Friday night as worries grow about the recovery in the US and global economies.

The Dow has now fallen for six straight weeks, its worst losing streak since 2002. The Dow closed under 12,000, a key level. See more here from Dan Bell at HiFX on the worries in equities markets and what it might mean for currencies.

Elsewhere, China's trade surplus in May was less than expected as imports grew at an annual rate of 28% while exports grew just 19%.  This suggests a fast growing consumer sector and increased pressure on inflation.

This raised more fears about the need for more rate hikes in China and the prospect of a slowdown in the one part of the world still growing strong.

Any China slowdown would also have a major effect on Australia and New Zealand, given our economies are now being driven by growth and commodity prices set in China.

Our thoughts go out today to the Gaynor family after the loss of their son David over the weekend.