Here's my summary of the key news from over the long weekend in 90 seconds at 9 am, including news of another Libor settlement.
Overnight, Rabobank has been fined US$1 billion to settle its embarrassing libor manipulation case. It's Chairman/CEO has been dumped. It joins Barclays and four others who have settled, but there another dozen or so banks and brokerages yet to take their medicine, and most are provisioning similar amounts.
Meanwhile we are hearing that the huge JPMorgan US$13 billion 'settlement' with US authorities is at risk of collapse. In an amazing twist, apparently the bank wants 'to be reimbursed by a government-controlled fund'.
Staying in the US, retail sales were up in the September quarter, although car sales lagged. In a report out this morning however, consumer confidence has fallen sharply.
The American government has booked a loss of almost US$10 billion on the nearly $50 billion bailout of carmaker General Motors, according to a quarterly report to Congress yesterday. It still owns 7.3% of the firm.
India's new central bank governor raised interest rates for a second consecutive month by 0.25% to 7.75% in its fight against inflation.
RBA governor Glenn Stevens said yesterday that the value of Australia's dollar is too high, and was likely to fall ''materially'' at some point because the Aussie terms of trade are likely to fall, not rise, from here. Our currency tends to follow the big trends in the Australian currency.
In the shadow of its self-assessment of its internal culture yesterday, Fonterra is pushing ahead with the rollout of its own brand of infant formula in China. Until now, it has only sold ingredients for others' brands. The official China media is highlighting the 'botulism scare laid bare', and China is pushing vending machine sales of its own baby formula.
The NZ dollar starts today at 82.4 USc, 86.9 AUc, and the TWI is at 76.1.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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