Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news of improvements in both the US and China.
Saturday's American non-farm payrolls report was expected to show about 120,000 jobs created in October.
Instead, 204,000 jobs were added over the month, and revisions to prior months added another 60,000.
The US government shutdown clearly had less of an impact on the American labour market than many thought.
The US dollar rose on the news against most currencies, including the Kiwi dollar. It rose sharply against the Yuan, and gold fell well below US$1,300/oz.
Meanwhile, S&P has cut France's credit rating to AA from AA+ arguing that the French government’s actions in areas like taxation and the labour market would probably not have much positive impact on the country’s medium-term growth and that "high unemployment is weakening support for further significant fiscal and structural policy measures."
Adding to the mix of key weekend news, China reported its trade balance rose in October, it's highest in a year and the latest in a series of figures pointing to a recovery there.
Exports, a key driver of its growth, rose 5.6% from a year earlier, while imports jumped 7.6%.
This follows data released this month which showed that manufacturing activity in China grew at its fastest pace in 18 months in October.
China's inflation also rose, to 3.2% and nudging closer to their self-imposed 3.5% upper limit. Markets are starting to worry about what they will do if it hits that limit.
In our region, China has announced it is to lavish US$1 billion in 'infrastructure loans' and 'scholarships' on Pacific Islands nations - including Tonga, and the Cook Islands.
(Readers might also find this interesting.)
This week, we will get the October REINZ data, and the big set-piece financial stability review from the Reserve Bank on Wednesday.
The NZ dollar starts today at 82.4 USc, 87.8 AUc, and the TWI was at 77.0.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
4 Comments
MPs have their snouts in the property trough:
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11154765
Cut them some slack?.
Following the rules?.
Acting transparently?.
Not disclosing the properties, because they had been advised by the Registrar for Pecuniary Interests not to do so?.
All sounds very fishy to me.
The rules were made by these people, but not for all people who are rate payers, taxpayers and not working the 'system' they created.
Pecuniary interests need to be changed to accomodate all.
Not the thieves and vagabonds we voted for to make the rules fair and just..
On the US non-farm payrolls figures.....Mish Shedlock looks at the numbers.
"The already wide discrepancies between the household survey and the establishment survey took a wild leap today. The establishment survey showed a gain of 204,000 jobs but the household survey showed a drop in employment of -735,000.
Foreign owned companies are not filing company returns
http://www.stuff.co.nz/business/industries/9384455/Foreign-owned-firms-not-filing-accounts
But yes of course they will be paying their taxes here in Tui land. ....hangon....
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