Here's my summary of the key news overnight in 90 seconds at 9 am, including news the new Chinese leader-in-waiting seems to have suddenly disappeared.
Xi Jinping, the man expected to take the reins as China's top leader in a few weeks, canceled a meeting with Denmark's prime minister after missing a number of other high-profile events, fueling speculation about his health or suitability, and fueling even more speculation about the leadership change. There are even rumours about more sinister reasons. Inner turmoil is swirling.
Meanwhile, worryingly soft trade data is hurting China, as exports to the EU and Japan tumble.
The troubles continue for the ECB in Europe. A German court is delaying an authorising decision, a move aimed at undermining the ECB plans. And a rebellion is also building inside the Greek government. Don't count of ECB bond buying beginning anytime soon.
In the US, wages are stagnating as the job market cools, restraining the consumer spending that is needed to sustain the US economic recovery. All eyes are on the upcoming US Fed meeting, and we will hear those results on Friday.
Closer to home in Australia, there is trouble in the Aussie coal mines. Not only are orders shrinking fast, there are increasing job layoffs, new projects are being cancelled, and now the Queensland governmnet is about to add a new higher royalty on their falling output.
Our troubles seem minor in comparison. The currency starts the day basically unchanged at NZ$1 = US$0.809.
Bernard Hickey returns tomorrow.
No chart with that title exists.
10 Comments
Won't be long now , and those Aussie miners will be dead grateful for Gina Rinehart's $ 2 per day .........
..... where's Hickey ? ....... he promised to bring us the 90 @ 9 when he left , and he's not even doing it whilst he's still hair ......" here " , sorry ....
World recession underway.
I’m amazed that John Key our leader visiting several major countries comes back home with an opinion that the world is in a worse economic/ financial shape then he thought.
For God sake, from what source are our government departments informed – people like GBH – then no wonder ???
It is about time our local and central governments are facing reality ?
..... I'll take that as a compliment ......and good morning to you , Walter ......
Sunny & warm in Kaikoura this glorious spring morn ?
...... dontcha think it wonderful that at the " World Leaders & John Key Forum " in Vladivostok , our boy stood out as one who isn't shredding his national currency , in a daft attempt to gain competitiveness on our trading partners .......
" .... dontcha think it wonderful that at the " World Leaders & John Key Forum " in Vladivostok , our boy stood out as one who isn't shredding his national currency."
Er, nope.
Perhaps JK will surpise us and just as David Parker arrives ack from his monetary policy research, JK will have the Act and PTA re-written to include some of the thinking and advce David P has been getting - any chance his pride wouldn't prevent that?
Er, nope.
G'day Rog.
Cheers, Les.
Meanwhile anthropogenic, repeat anthropogenic, climate change marches on.
http://simpleclimate.wordpress.com/2012/09/08/sun-loses-grip-on-earths-…
There are leads to those who may wish to read the actual reserach papers.
Only a motivated (protesting) 5% of population needed to effect real change.
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