Here's my summary of the key news overnight in 90 seconds at 9 am, including news of the Fed transition.
Janet Yellen, the nominated replacement for Ben Bernanke, has been before a US Senate committee this morning in confirmation hearings. She has said it is important not to remove stimulus too early. She defended the Fed's steps to spur economic growth, calling efforts to boost hiring an "imperative".
Meanwhile in the US, their trade gap widened in October on rising imports. Initial jobless claims fell slightly in the latest weekly data published but they came in above what was expected.
Global demand for gold fell to a four-year low in the third quarter amid widespread investor disillusionment with the precious metal, according to data published by the Gold Council overnight. Even jewelery demand was tepid. Central banks bought less, although EFT's quit their holdings at a slower pace than the rush in the June quarter.
In Europe, Ireland will become the first of their bailed-out countries to make a full return to financial markets. The Irish Government said overnight it will do that on December 15 - and without any safety-net, which some see as a risky gamble.
In Japan, the pressure is piling on Abenomics. The latest data out is not reassuring, with capital investment down, and even exports down, despite the lower yen. Markets are expecting a quick-fix to a decades-old problem.
In China, it is becoming clearer that the economic reforms will just entrench their giant state-owned enterprises. One of those is on a global search for natural gas supplies. And research out overnight shows the extent that China's billowing surpluses are being used to invest in substantial offshore property.
In Australia, Fonterra-backed Bega Cheese has trumped that last offer for WCB in the ongoing fierce bidding war for the mid-sized dairy co-operative.
And staying in Australia, their new government's plan to raise the debt ceiling to AU$500 billion has hit a block in their Senate where lawmakers there want a AU$400 billion limit. Shades of a US-style tussle.
The NZ dollar starts today at 82.8 USc, 88.8 AUc, and the TWI is at 77.4.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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11 Comments
Great..GMO and fracking(which i dont oppose but 4 people and nations to decide to) for all because if we dont use the lobbist's and corps. product we can be seud for reducing their profit..great logic!! Sorry about no links, cant remember where i read that...this is bad
Opposition is starting to ramp up. Hopefully will be a rerun of the global opposition that killed the MAI in the 90's
George Monbiot in the Guardian writes well on the TPP's counterpart for Europe and what essentially amounts to a corporate coup. I liked this. Could describe the New Zealand political system. We're not quite at Britain's level yet but getting there. Labour's support for the TPP should be a coalition killer for the Greens. Shame on them if it's not.
Since Blair, parliament operates much as Congress in the United States does: the lefthand glove puppet argues with the righthand glove puppet, but neither side will turn around to face the corporate capital that controls almost all our politics. This is why the assertion that parliamentary democracy has been reduced to a self-important farce has resonated so widely over the past fortnight.
So I don't blame people for giving up on politics. I haven't given up yet, but I find it ever harder to explain why. When a state-corporate nexus of power has bypassed democracy and made a mockery of the voting process, when an unreformed political funding system ensures that parties can be bought and sold, when politicians of the three main parties stand and watch as public services are divvied up by a grubby cabal of privateers, what is left of this system that inspires us to participate?
http://www.theguardian.com/commentisfree/2013/nov/11/business-rules-lobbying-corporate-interests
Janet Yellen, the nominated replacement for Ben Bernanke, has been before a US Senate committee this morning in confirmation hearings. She has said it is important not to remove stimulus too early. She defended the Fed's steps to spur economic growth, calling efforts to boost hiring an "imperative".
What Ms Yellen didn't discuss: Unfractional Repo Banking: When Leverage Is "Limited" By Infinity Read more from the Financial Stability Board.
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