Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks fell a further 0.8% overnight on renewed fears about the US 'fiscal cliff' and after European Union officials delayed a key decision next Monday on a fresh bailout for Greece.
The New Zealand dollar was solid around its late Thursday levels of 81.6 USc, having fallen about 1c after weaker than expected local jobless figures raised expectations of a cut in interest rates. See more here in BNZ's Kymberley Jones' currencies report on our site.
Officials told Bloomberg a European finance ministers meeting scheduled for Monday would not not decide on a fresh bailout payment for Greece, raising the risk Greece could default on a 5 billion euro payment due next week. See more at FT.com.
Meanwhile, the European Central Bank decided not to cut its official interest rate from 0.75%, but said it was ready to use its 'Big Bazooka' to buy Spanish bonds if Spain asked for a bailout, which it has yet to do. See more here at Bloomberg.
Concerns are also growing in Germany that the Southern European recession is slowing demand for German exports and the German economy.
Closer to home, wholesale interest rates fell slightly after the unemployment rate shock yesterday.
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