Here's my summary of the key news overnight in 90 seconds at 9 am, including news that things in Europe seem to be getting worse. The Catalan regional government appears to be using the current weakness to push for independence. Bond yields rose sharply on these new tensions. The pain in Spain is still rising fast as austerity bites hard. In Greece, it is becoming clear that they are far - very far - from meeting the conditions for the next round of funding for their bailout. Something will break somewhere soon. Standard & Poors are warning of a sharp euro recession over rthe next two years at least.
Staying in Europe, the British Bankers Association is reported to have been forced to give up the role of administering Libor - not a surprise perhaps given the scandals, but it has happened.
The news is better in the US however. Consumer confidence there has risen to a seven month high. Their housing market is still gathering strength, according to new data, and in an encouraging sign, the gains appear to be spreading even to the cheapest homes in many cities. But a full blown return to previous conditions is not expected.
In China, there are reports that the central bank has 'flooded' its domestic markets with liquidity - adding more than NZ$50 billion ahead of some expected holiday pressures. Social tensions there as the Chinese economy stutters are a big concern in Beijing.
In Australia, a government official has said the obvious; that the Australian car manufacturing industry indistry is too small to compete and will soon get integrated into the international supply systems of the big manufacturers. Basically, the Aussies can't afford the subsidies to keep that industry going. And Australian car buyers are paying way over a fair price for their vehicles - and a huge amount more than we pay in New Zealand.
The big local news overnight is the report in the DomPost that ANZ-National staff are about to be briefed on the closure of the National Bank brand and its absorption into ANZ. There is more on this story here » The bank itself says no decision has been made yet.
The NZ$ starts today at 82.3 USc - about where it has been for about two weeks - and 73.1 on the TWI.
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.