90 seconds at 9am: Obama swings at big banks; Dow falls; China overheating fears

Watch on our video page here. Watch on YouTube here. Bernard Hickey highlights the key news overnight in 90 seconds at 9am in association with BNZ, including news Barack Obama has come out after the recent Senate race loss and announced plans to reduce the size of 'Too big to fail' banks and restrict their activities. However, he still needs senate approval, which will be much harder to get after the loss of the senate seat in Massachusetts. The Dow fell 200 points on the news and fears about an enforced slowdown in China. GDP growth there sprinted to a red hot 10.7% annualised in the December quarter.That is too fast and the Chinese authorities are expected to crack down on easy lending and low rates. The NZ$ was down at 71.2 USc as risk appetites waned. Meanwhile, news out overnight from Greece of plans for a global bond issue denominated in US$, yen and euro has failed to calm nerves about a default there.