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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