Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the Dow and European stocks markets closed higher on Friday night, ending a week of extreme volatility on a positive note.
The Dow closed up 125 points or 1.1%, Britain's FTSE 100 closed up 3% and Germany's DAX ended up 3.45% as markets calmed down somewhat. See more here at Reuters.
European stocks were boosted by a temporary ban on short selling in France, Italy, Belgium and Spain.
In line with better appetites for riskier assets globally, the New Zealand dollar firmed over the weekend to over 83 USc.
Meanwhile, Italy's cabinet approved a 45.5 billion euro budget cutting plan that has already sparked political tension.
The plan is designed to keep bond markets and the European Central Bank happy and includes a capital gains tax and massive cuts to local government spending.
However, a large union has already called for a national strike over the austerity plan, which is the second in a month. See more here at Reuters.
Also, World Bank President Robert Zoellick warned over the weekend that markets had entered a 'new danger zone'.
He said markets had lost confidence in the leadership of the developed economies.
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2 Comments
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/87007…
ECB is euroland's last hope as bail-out machinery fails to resolve crisis The leaders of Germany and France have three bad choices as they decide whether to save EMU this week, or pretend to do so.I have recently returned from Arawa on Bougainville Island where I met a Canadian who is there setting up the supply lines for development of a new copper/gold mine south of the Infamous Panguna Mine site. He claimed rather convincingly that the Australians are very close to developing commercially viable muon catalyst fusion (cold fusion.) and that the Americans are currently building very special aparatus to fully test their systems.
It seems too good to be true but if it is it will completely change our world. Since returning I have done a little research on the WWW but have found nothing particularly convincing.
See below but I will certainly watch possible future events with enormous interest.
ZPEnergy.com - Muon catalysed fusion - Star Scientific Ltd.
Incidentally, the devastation from their 15 year civil war was shocking to say the least.
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