Here's my summary of the key overnight news in 90 seconds at 9 am, including news we are heading into a week of potentially big shocks.
News there there would be a short-term deal on US debt-ceiling impasse proved premature. Talks have collapsed in Washington and it looks like the US is headed into trouble, even though good tax receipts have pushed back the date slightly.
The issue is turning now on the President's unwillingness to compromise as delays are being blamed on the Republicans and are raising his polling at the expense of his opponents. Late efforts continue.
The World Bank is warning that the US is '5 days away from a very dangerous moment'. Bankers are worried.
In Europe, the ECB is about to reveal the 'true scale of potential losses' at some of their biggest banks. Regulators are meeting in Luxembourg to try and figure out how to deal with the shortfalls.
To get a handle on the scale of the problem, the IMF has said that just for Spain and Italy, it is a US$300 billion problem. Europe wide, the size of the issue may become clearer later this week.
On a slightly better note, even one of the largest global banks could be taken apart safely by US government authorities if it were to fail today, according to the US's FDIC banking regulator.
China’s exports unexpectedly fell in September, signaling the constraints of global demand on the nation’s recovery and highlighting distortions caused by fake invoices that have yet to be eliminated from trade data. Imports, however, rose strongly.
The Dow rose at the close on Friday in New York, oil fell to under US$ 102/barrel, UST 10 yrs hovered just below 2.7%, and gold fell to just US$1,273 per ounce, US$13 below the London close, and in New Zealand dollars, it is now at its lowest level in nearly 4 years, since January 22, 2010.
The NZ dollar starts today up slightly at 83.1 USc, 87.7 AUc, and the TWI is at 77.2.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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7 Comments
Heartiest congratulations , and a big slap on the back this morning , for Hugh Pavletich .... many of us whizzle & twitter here at interest.co.nz , but Hugh set about creating change ...
... the Cantabrian's Unite campaign has enormously assisted in the ousting of all but 4 of the Christchurch City councillors ....
Pre-earthquakes , we all knew this group were a self-serving bunch of incompetents ... but it took their repsonse ( or lack of action ) post-quakes , to demonstrate how utterly bereft of commonsense these bozos truely were ...
... thankyou , Hugh ... thankyou for helping to raise awareness , and putting a boot justifiably into these circus clowns ...
And best wishes to Mayor Lianne Dalziel and her new team , fresh , and ready to take the garden city forward ..
Gummy .
The woeful turn out in local body elections last weekend demonstrates that the non-party political nature of these councils has not worked ...
... no one knows who the independents are , must less what they stand for ...
We need to get the mainstream political parties back into the mix , to raise issues , and to build passions within electors to get involved ...
... and the results would give those major parties a better handle on their popularity ( or lack thereof ) far more accurately than any Roy Morgan poll could ...
The current 40 % turn-out for these elections is pathetic !
The woeful turn out in local body elections last weekend demonstrates that the non-party political nature of these councils has not worked ...
I rang my local council electoral officer and questioned him about the validity of the independent non-party candidate affiliations - his attitude was rightly non committal in respect of the reality of the situation, hence I declined to vote.
Didn't they send you one of those booklets give you a paragraph or two on each of the candidates ?
... that , and the inside goss from Mummy Gummy secured my voting pattern ...
If you don't vote Stephen , don't complain for the next 3 years .... fair enough ?
Didn't they send you one of those booklets give you a paragraph or two on each of the candidates ?
Yes, and I requested and received declarations of the Mayor's expenses and donors, unfortunately they relate to the previous election - the most recent data will not be available until December.
If you don't vote Stephen , don't complain for the next 3 years .... fair enough ?
My complaints fall on political deaf ears irrespective of my vote or not.
No One knocked on my door to try to get my vote (they may have done some)
Heard none of them on raido (they may have been)
I read the 1 paragragph that told me nothing about what they have, ever, achieved(I assumed very little); intended to achieve (right....) or even had a view on!!
I work as hard to fill in the monolithic voting pack.
XERO ( NZX : XRO ) has announced the successful raising of $NZ 180 million by placing 9.92 million shares at $ 18.15 each to investors in the USA ( $NZ 147 million ! ) and in NZ ...
... this diluted the existing capital by just 8 % ..
And investors must be pleased , because upon resumption of trade , after the trading halt last Friday , Xero stock has leapt by $ 1.75 to $ 19.70 ... a 9 % gain by lunch time ... not a bad morning's work methinks ...
... time for a champagne & chicken repast , to celebrate !
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