Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news from America of a slowing economy and a slump in confidence.
The Philadelphia Federal Reserve's survey of activity known as the Philly Fed survey showed a surprise slump in June, while a Bloomberg gauge of economic expectations fell to its weakest level since March 2009.
However, the Dow and S&P 500 measures of US stocks were up slightly in late trade after the slides in recent days, although bank stocks were down heavily on a report that the Basel III process for global bank regulation would force America's Too Big To Fail mega-banks to hold an extra 3% in capital.
Meanwhile, the ASX 200 measure of Australian stocks fell sharply late yesterday on fears about what the European financial crisis might do to global growth prospects. The Nikkei also fell sharply.
Weak British economic data out overnigth dragged the pound and the euro remained soft as Greece's fiscal crisis remained unresolved and the EU and ECB are at loggerheads.
The New Zealand dollar fell along with other 'riskier currencies' to under 80 USc briefly overnight and opened just above the 80 USc mark. The Kiwi also fell vs the Aussie and dipped below 70 on the Trade Weighted Index.
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