Here's my summary of the key overnight news in 90 seconds at 9 am, including news the US shutdown drags on.
The US shutdown could impede economic recoveries in the US and around the world, ECB President Mario Draghi said after the central bank voted to leave its main interest rate unchanged.
The crisis in Italy has faded after the Italian government won a Senate confidence vote following a last-minute u-turn in their favour by former PM Silvio Berlusconi.
Markets are still ignoring the US political deadlock to a large extent. The Dow is slightly lower at 15,100; Commodities rose; oil and metals are up; gold fell quite a bit yesterday but overnight has climbed back to levels it has been at for the past week.
UST 10 yrs have dipped below 2.6%.
American private-sector employment gains picked up slightly in September, according to the ADP hiring report that has taken on more importance amid the likely delay of the government's monthly statistics. The ADP reports have tracked the official numbers well over a long period, although there have been some occasional monthly variations. We are unlikely to get the official Non-Farm Payroll report this week.
Australia's trade deficit narrowed sharply in August from a revised July, as Asian demand for raw materials remained robust and the falling local currency boosted export value.
Interesting in this data was that for the first time it revealed the extent of Australian international online shopping purchases. They add about A$600 mln per month to their trade deficit.
The NZ dollar starts today a little lower at 82.6 USc, 88.2 AUc, and the TWI is at 76.7.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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4 Comments
XERO has announced they expect to increase revenue from continuing operations by 89 % in the first 6 months of the 2014 financial year .... to $NZ 30 million ...
... paying customers in both the USA and Australia have risen in number by 140 % at September 30 , compared to a year ago ...
Just to put things in perspective , XERO has a market capitalisation of aroundabouts $NZ 2200 million ... and no profit yet , not a penny net ....
... never invest in any company which has an " X " in it's name , 'cos it's sure to go bust , and become an " ex " ... " x " is an omen ...
Fortex / Feltex / Westmex ( ASX ! ) ..... NZX ? .... ooooops ....
... if Xero's growth momentum slows , then look out , disappointed investors will dump it lickety splick ....
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