Here's my summary of the key news overnight in 90 seconds at 9 am, including news we will get the December housing sales data at about 9:30am this morning from the REINZ. We are expecting a fairly strong December although the listing shortage may have crimped some of the activity.
Internationally, company news dominates the wires, although President Obama has just finished a news conference on the US debt issues.
Firstly, those company items. Apple is reported to have sharply cut back its production on waning iPhone orders. And Microsoft has halved its expectations for sales of its new Surface tablet. In Europe, Volkswagen has reported a record high for sales, and in North America, the big three Detroit carmakers have bounced back on the strength of a surging US car market.
However, icon German industrial vehicle maker MAN is reported to be cutting back on weak demand for its products. Japan is not being left out; Toyota sales have rebounded sharply, and they have regained the global car sales crown. And probably most importantly, Li & Fung, a huge Hong Kong based buying house for many of the world's biggest retailers, has reported a shock profit warning.
It's a mixed picture, but one theme is that tech and retail seem under new pressure, whereas some of the bigger manufacturers are looking ahead with optimism.
In the euro-zone, industrial output declined the most in three years in November, pulled lower by countries in the region's south facing recession as they attempt to cut debt and deficits through austerity policies. The OECD says Britain is on track for a recovery however. And the IMF insists the euro-zone economy is improving.
In the US, President Obama is focusing on the fight over the debt ceiling, reminding Congress they authorised all the current spending. The arguments are likely to be played out on a public stage rather than behind closed doors as both sides appeal to voters and polls to win the pressure they need to prevail.
In China, all eyes are on the dreadful pollution that is gripping much of the country, and especially Beijing. Apparently, it is reminiscent of London in the 1950s. They are at a watershed moment and how they respond will set the scene for China's future. Anger at the dirty air has now spilled over into official circles, and finger pointing has started.
The NZ$ starts today at 84.0 USc, 79.6 AUc and the TWI is at 75.3.
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