90 seconds at 9 am: Athens riots; IMF cuts growth expectations, but positive about New Zealand; China injects cash; US deleverages; commodities higher; NZ$ stable

Here's my summary of the key news overnight in 90 seconds at 9 am, including news that Greek police fired teargas and stun grenades at protesters in central Athens when they tried to break through a barrier and reach visiting German Chancellor Angela Merkel. Her visit is somewhat pointless and inflamatory as no new decisions about the next stage of debt support are now likely to be made until next month at the earliest.

The IMF cut its global growth forecasts as the euro area’s debt crisis intensifies and warned of even slower expansion unless officials in the US and Europe address threats to their economies.

The IMF is downbeat about the Australian prospects, but realtively upbeat about New Zealand. It forecasts growth here at 2.2% this year rising to 3.1% next year, although it sees the current account deficit rise to 5.9% next year, going to a 6.9% deficit by 2017. Still that is still well below the 7.9% we had in 2005 and 8.8% in 2008. They don't see inflation rising much above where it is now.

In China yesterday, its central bank injected US$42 billion into their money market - its second-biggest daily injection ever - as it extended efforts to bolster a slowing economy.

In the US there is some encouraging debt deleveraging news - debt there has shrunk to a six-year low relative to the size of the economy as homeowners, cities and companies cut borrowing. This progress will help their recovery.

But stocks slid in late trade amid expected disappointing US corporate earnings and the IMF report. A sharp rise in the price of oil led commodities higher as Mideast tensions flared, while Treasuries rose. We had a fall in petrol prices yesterday here, but that could be short-lived.

The NZ$1 starts today at US$0.817 and the TWI is just above 73.