Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the Dow closed up more than 250 points or 2.2% after Hurricane Irene proved less disastrous than feared.
Insurers had expected losses of US$14 billion but the current loss estimate is for less than US$3 billion. See more here at Bloomberg.
Also, US consumer spending growth of 0.8% in July was better than economists' forecasts for a 0.5% rise. Americans bought more cars and airconditioners during the very hot month of July. See more here at Bloomberg.
This improved appetite for riskier assets saw the New Zealand dollar rise overnight to 84.5 US cents, its highest level since August 4.
Meanwhile, Greek stocks rallied 14% after EFG Eurobank and Alpha Bank announced a merger. This was the biggest rally on the Greek stock market in 21 years. See more here at Bloomberg.
Closer to home, Wellington property developer Terry Serepisos is being forced to sell his entire property portfolio valued at NZ$223 million to satisfy the receivers for his financiers, South Canterbury Finance and Equitable Mortgages. See more here at TVNZ.
Serepisos is hoping to run an 'orderly' sale of his assets, which include 150 residential properties and 6 commercial properties.
Serepisos' lawyers even went as far as saying that a 'fire sale' of the assets would create an 'economic and social catastrophe for Wellington.' See more here at Stuff.
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