90 at 9: More green shoots for global economy; ING fronts up; Westpac's swine flu forecast
Economy | Information | History | Online | Facts | World | Global | Money
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news of more green shoots for the global economy. A leading indicator of US economic activity rose for the second month running in May, while the Philadelphia Federal Reserve survey of activity in that region improved in June by more than expected. The World Bank also lifted its forecast for Chinese GDP growth in 2009 to 7.2% and sees 7.7% growth in 2010. All these green shoots boosted US stocks by around 1% in late trade, which in turn helped lift the NZ dollar to over 64 USc overnight as investors felt more comfortable putting money into riskier currencies like ours. Back in New Zealand, ING fronted up to a meeting of 400 angry investors in Auckland to argue they should accept its compensation offer for its two frozen toxic bond funds. Meanwhile the Securities Commission said the offer was not misleading. Finally, Westpac has forecast a severe outbreak of Swine Flu could reduce New Zealand GDP by 1-2% as New Zealanders stay away from work and shopping centres, and foreign tourists shy away.
Comments
-
The unemployment in usa the U6 number is 16.4% The number they tell us is the U3 9.4%which excludes people unemployed more than 1yr, and lots of other types. The unemployment will grow to 20-30-40% on the U6 The dollar will fall, massive migration from hot to warm, from cold to warm places. USA the first undeveloped country. They cant pay there depts, they are bankrupt. They borrow to pay the interest on previous loans. The game is up. Oncethe rest of the world does trade without it.
-
China cant get us out of recessioin they only have a 4 trillion economy, USA has about 16 trillion economy. Bric Brazil Russia India China are all working towards currency swaps so they wont use the usa dollar. Russia last week said it would sell a third of irs usa dollar holdings. This week they say the usa dollar is safe, same for japan. They only say that while they dump the dollar in the background. The faith in the usa dollar is gone. Raise interest rates or print
1m 54sLenght
5Rating