Here's my summary of the key news overnight in 90 seconds at 9 am, including some big currency moves overnight.
The New Zealand dollar opens today up a full cent against the US dollar, has risen broadly against most other currencies, and the TWI is at 74.7, its highest level in a month.
The driver is the risk-on view in international markets this morning. The US second quarter earnings season is about to start.
The Dow is up, back above 15,200, stocks are up in Europe too, and gold has recovered from its sell-off on the weekend.
In the US, there has been a sharp rise in the growth of consumer credit reported for May which grew a startling 50% faster than economists were expecting.
The British government has backed a set of recommendations to improve standards in the banking industry, including measures that could have bankers in Britain facing jail time for poor business decisions.
And, staying in Europe, German exports suffered their sharpest fall since 2009 as demand in China eased off and eurozone exports fell by 9.6%.
In France, Peugeot said its sales dropped almost 10%.
Today, we get the important Quarterly Survey of Business Opinion from the NZIER.
And keep a watch on swap rates - they are tracking ever higher for terms of three years and longer.
The NZ dollar starts today sharply higher at 78.1 USc, 85.5 AUc, and the TWI is at 74.7.
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2 Comments
Peugeot sales drop by 10% is a big number , especially in the car manufacturing sector where margins are paper thin .
They will have an awful time trying to reduce the workforce and re-structure with France's Hollande Socialist Govt and Business -unfriendly labour laws.
Its not going to be a ( relatively) simple filing for Section 11 like GM in the US , and it could damage Peugeot seriuosly
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