Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including some cheerier news for once from the European Financial Crisis.
The Spanish government managed to sell €6 billion worth of five year bonds at relatively low yields, albeit higher than in previous months. The amount raised was twice as much as expected.
Meanwhile, US jobless claims of 360,000 last week were the lowest in three years, suggesting the US economy is showing some life after threatening to fall back into recession.
Also surveys of manufacturing activity in Philadelphia and New York also showed signs of life.
However, the European crisis is far from over.
International Monetary Fund boss Christine Lagarde said overnight the crisis was escalating and warned of a 1930s slide back into protectionism and isolationism unless countries acted together to halt the decline.
US stocks were up around 0.4% in late trade and European stocks rose around 0.6%.
The New Zealand dollar was solid around 75.5 USc. See our interactive chart below.
Back in New Zealand, Fonterra is expected to announce later today some measures to make milk more accessible in New Zealand, possibly including cheap or free milk in schools.
Also, the Productivity Commission is expected to release its long-awaited report on Housing Affordability at midday. We will have full coverage on our site.
(Updated with more detail, links)
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13 Comments
Thank God for Christine Laggard , the IMF boss ....... for a 90 second there , I thought that all we had was astonishingly good news from around the financial world ...... but , alike the cavalry , in rides the IMF to gloomsterise us all down again ...... yay ....
....... if good news keeps breaking out around the globe , I am worried that Bernard's face might fall off !
While worrying over 90secs...try thinking longer term....
http://www.youtube.com/watch?v=r_AiLA1T9_s&feature=related
regards
The recently agreed G6 central bank dollar liquidity swap facility has been called into action over the last week.
The US Federal Reserve reports in it's latest H.4.1 release (section 2) the outstanding amount rose from USD 2.301 billion to USD 54.335 billion.
Credit Agricole in trouble for that much - doubt it, must be others as well.
"Christchurch City Council has ordered about 30 Port Hills homeowners to abandon their properties due to fears they could be hit by falling rocks in another earthquake.
The order has angered Mr Bennett, who claims he should be able to take responsibility for his own safety." herald
What a farce....give a little authority to some and before you know it.....!
Next up ...perhaps all of the chch residents down along the eastern shorelines can be told they have 20 days to abandon their properties because they might be hit by a Tsunami...
Mr Bennet is right to say "bugger off"
I'd better check me Gummy self into the local looney bin , then ........ 'cos the Gummster is predicting strong GDP growth and improving employment stats in most countries ....
.... the only dark clouds are some Eurozone shennanigans , and a few overpriced house markets ( China , NZ , Oz , Canada ) ........
.... other than that , she's peachy mate , smooth sailing ahead .......
Speaking of observations...here we have a sneak peek at where Shearer and the socialist movement of fools would like to take us... http://www.stuff.co.nz/the-press/national/6155037/Slave-wife-may-be-forced-to-leave-NZ
Hopefully the Immigration minister will say "NO" but if Shearer ever gets to grab the power of being PM, you can expect the boat loads of Fiji "refugees" to be hitting the northland beaches.
`We become the sucker destination thanks to the do gooder mob demanding NZ citizenship whenever a case of tears and anguish emerges for them to strut their stuff...Gillard et al are discovering what it leads to...800 illegals by boat so far in December alone...a whole tide of humanity is heading for Aussie waters...
Captain Catastrophe re-deems himself in this moanings NZ Herald with a 5 paragraph list of how the economies of world are going to hell in a hand basket ......
..... 5 reasons for us all to slash our wrists before Christmas , rather than after .....
Thankyou , Bernard , you are indeed the master of the dark side of finance , how could I have doubted you .
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