Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the International Monetary Fund has cut its economic growth forecasts for Asia this year and next to around 6.3% and 6.7% respectively from almost 7% for both years previously.
Weak Chinese trade figures late yesterday also saw commodity prices and commodity-exposed currencies such as the New Zealand dollar fall on fears China's slowdown could turn into a hard landing.
Bloomberg reported China's exports rose in September at their slowest pace in 7 months as its customs ministry warned of "severe challenges." Both export growth and import growth in China was weaker than economists expected.
China's export engine and its demand for imports is seen as crucial for both Australia and New Zealand, not to mention the rest of the developed world.
Prices fell for copper, which is seen as a proxy for demand from China for the raw materials needed for infrastructure building.
European stocks fell 1.5% overnight, including a 3.7% fall for European banks. A Credit Suisse note said 66 banks would fail new European stress tests and there are fresh signs of stress in interbank credit markets. The range for LIBOR (London Interbank Offer Rate) also hit its highest level since September 2009 and German banks have begun preparing for 60% haircuts on their Greek assets, which was worse than many expected. See more here at Reuters.
Also in Europe, the world's second largest retailer Carrefour downgraded its profit forecast for the second time in three months, saying a slump in Europe would cut profits 20%. Carrefour shares fell 5%.
US stocks were down 0.2% in late trade after JP Morgan cut its profit forecast and said it would cut 1,000 jobs. Oil prices fell.
The New Zealand dollar dropped to 79.3 USc from close to 80 USc yesterday morning, but remains up 3c from a week ago.
Meanwhile, in the most important news, Aaron Cruden has been named at first five, Richie McCaw's foot is named to start along with the rest of Richie McCaw, Richard Kahui starts on the wing, Israel Dagg is at fullback and both Sonny Bill Williams and Stephen Donald are named on the bench.
Lets hope Aaron Cruden can last the whole game.
Go the All Blacks! I've done my bit, brandishing the lucky black fist. See more on the All Black team here at Stuff.
(Updated with links, All Black team)
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