Here's my summary of the key news overnight in 90 seconds at 9 am, including news of some vigorous policy tussles worldwide.
But first, US initial unemployment claims data for last week came in well below what markets were expecting - again - pointing to a steadily improving jobs market in the US. However, the October durable goods report was not so good, falling 2% and below what economists were expecting. More recent factory guages have been more positive however.
American financial markets are now closed for their long Thanksgiving weekend. Their focus is now on shopping!
German consumer sentiment looks like it is improving and the latest reading came in above forecasts.
Meanwhile, Italian senators have just voted to expel three-time former prime minister Silvio Berlusconi from parliament due to his criminal conviction for tax fraud, in a momentous round of voting.
The European Central Bank said in its financial stability report out overnight that the risks from global market turbulence has increased in the past six months, even as measures of systemic stress have declined. Fed tapering really concerns them.
And the IMF is thinking about shifting its view on bailouts - but banks and governments are resisting the changed approach. There is much soul-searching at present, and it appears to be a preparation for the next big crisis.
Across the ditch, they are embroiled in another foreign policy problem. This time China is upset with the new Aussie government over its support for the US and Japan over some uninhabited islands. China is a tough trade partner.
The price of Bitcoin rose above US$1,000 on a big online exchange, fueled by speculators snapping up the virtual currency as it gains wider acceptance. Meanwhile, the price of gold is falling and dipped below US$1,240/oz earlier this morning.
The NZ dollar starts today a bit lower at 81.3 USc, 89.6 AUc, and the TWI is at 76.5. The NZD:UKP exchange rate has fallen below 2:1 first time in over three months.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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9 Comments
AEP on top form here (hat tip to Waymad on this one)
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100026105/c…
Scary developments in the East China Sea.
The Global Leverage Cycle - great graphic
http://www.zerohedge.com/news/2013-11-27/global-leverage-cycle-you-are-…
My guess is we are at the point marked "Monetary policy fails to curb excessive debt buildup", right in behind the Aussies.
And the IMF is thinking about shifting its view on bailouts - but banks and governments are resisting the changed approach..
But the proposal — which is still being hashed out behind the scenes by top economists and lawyers at the fund
And therein lies the problem - generally unable to claim the knowledge to pronounce the fundamental calculation of an interest rate swap quote.
Maaaaaaate
Wheels-within-wheels
News Headline elsewhere - in another place
FMA appoints a new CEO
Another pom - mate of Gabriel's?
Resume says Merrill Lynch for 17 years
Mate of that other guy JK who also worked for Merrill Lynch
How many heads has the FMA had in its short life?
SFO has been very quiet for quite a while now
The Not-SFO has been over burdened.
They did not know which way to turn, which way was up.
This FMA appointment will put em on the straight and narrow.
He will know all the wrinkles, past present and future.
Then may be they can become serious. A bit like what is going on in world banking today.
"No crisis. No problem. All gone away".
By the way, "A tui shared is a tui halved". That is what mates are for.
Look over your shoulder
Bitcoin went from $700 to $1000 yesterday, in one day. In the one day, with only 21 million units on issue, the total value of those went up by $6.3 billion. All on chinese trading
Guess who was pushing the price up
There is a simple parallel between this and the property market in Auckland
Something that has been discussed here for 4 years. Some have seen it. Others deny it. Those in authority won't acknowledge it. People like Gareth Morgan go to extraordinary lengths designing exotic distractions to take your attention away from what is happening. Interest.co.nz goes to extraordinary lengths to ignore it.
The Chinese are looking for a means of exchange to get their money out of China. Cost no object. Here they are driving the cost up out of the reach of sane people
Frenzied buying ...
The virtual currency bitcoin has continued to fluctuate wildly on the back of frenzied trading by Chinese investors despite warnings of a potential bubble, reports the Beijing-based China Securities Journal. http://www.wantchinatimes
It has nothing to do with value, logic, rational analysis, and common sense ...
This is the Friday Joke.
A bit-(coin) tongue in cheek.
Just, Maybe? this item is more telling about the future, than the use of Bitcoin.
http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1103&MainCatID=11&id=20131127000030
Would all make excellent politicians and finance sales people.
Or maybe even a Mayoral party organiser.
Who said 'honesty was the best policy' , certaibly not Baidu.
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