Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news European stocks rallied sharply on hopes the US Federal Reserve may agree a third round of quantitative easing or money printing at its two day policy making meeting later this month.
This followed comments from one of the members of the policy making group that he would like more stimulus, however 3 other policy makers dissented last month on the issue of stimulus.
US stocks rose around 0.5% overnight after US factory orders were better than expected. See more here at Bloomberg.
Factory orders rose 2.4% i n July on more demand for cars and aircraft. See more here at Bloomberg.
There was a blow though for Dow component AT&T, which has had its deal to buy T-Mobile's US arm blocked by Anti-Trust authorities. Its shares fell. See more here at Bloomberg.
However, US private sector payrolls figures rose 91,000 in August, which was less than economists had forecast. This is an indicator of the key non-farm payrolls figures due on Friday night.
Meanwhile, back in New Zealand, Finnish coffee cup maker Huhtamaki has announced the closure of a factory in New Lynn and the loss of 125 jobs as it moves manufacturing capacity to Thailand, India and Vietnam.
Also, Rakon announced yesterday the high New Zealand dollar was the major drive for a warning of a 44% fall in profit. Its shares slumped.
See more here in our earlier article.
The New Zealand dollar was solid over 85 USc this morning.
(Updated with links)
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