Here's our summary of key overnight news in 90 seconds at 9 am with news that American retail sales rose 0.2% in July.
That suggests a rise in consumer spending, which could increase the chance of the US Federal Reserve beginning to “taper” its economic stimulus programme.
In US market news stocks in United Continental Holdings and Delta Air lines fell as much as 6% and 7.7% respectively as investors became spooked.
They are worried by a US Justice Department lawsuit threatening an industry-welcomed merger between bankrupt American Airlines and US Airways.
Be careful how you tweet it.
Billionaire investor Carl Icahn has taken to the Twittersphere to reveal that he holds a “large position” in Apple. The news sent Apple stocks climbing as much as 4.7 percent.
British inflation slowed from a 14-month high in July to 2.8% down from 2.9% in June.
However, another report showed that oil prices pushed annual input-price inflation to 5%, the fastest rate since March 2012.
Separately a UK. house-price gauge showed house prices rising to the highest level in almost seven years on the back of British government measures to ramp up the property market.
In further signs of a China slowdown, Li & Fung, the world’s biggest supplier of clothing and toys to retailers missed industry forecasts with a 16% drop in half-year income.
And Sina Corp., owner of China’s largest Twitter-like service, made a second quarter loss after taking a hit on asset sales.
The New Zealand dollar is down marginally overnight against the US and Australian currency but up slightly overall. It's worth 75.12 on the trade weighted index.
Local news to look out for today includes June quarter retail statistics expected to show a positive lift in consumer spending.
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3 Comments
Here's one for Hugh P, stand back and block your ears folks, this doesn't sound good...
"Christchurch mayor Bob Parker says he still does not know how big a problem Christchurch City Council is facing after discovering its rates may have been set illegally since 2004."
"Resolutions voted by councillors did not include the right wording around due dates and penalty payments. Mr Parker told Morning Report he cannot confirm whether the problem is only with penalties for late payments or if it is wider than that."
http://www.radionz.co.nz/news/regional/216947/size-of-rates-mistake-pro…
Hugh "If they cant afford to pay their Rates, difficult to see how they can afford to pay lawyers"
That comes across as arrogant and supercilious elitism. Typical attitude of the elites with deep pockets who can fight the downtrodden in the courts knowing they can financially out-gun them.
.. and the American PGA (professional gophers association ) is launching a bid to take over the European PGA .... a litmus test for the benefits of Keynesian economics ( who , ironically enough , was European ) over austerity .... the poor old European PGA is struggling to find sponsors , in the ongoing recession ....
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