Click here to watch this morning's video. Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that China's GDP rose 8.9% in the September quarter from the same quarter a year ago, which was stronger than the 7.9% growth recorded in the June quarter. However, China plans to continue pumping in more monetary and fiscal stimuli, the FT.com reported. This is good news for Australia, which is our largest trading partner, and for demand for commodities. China is now using its US dollar cashpile to buy access to commodities and technology, including in New Zealand. Meanwhile, our Reserve Bank is expected to hold the OCR next Thursday, but will be under pressure to drop its promise to leave the OCR at 2.5% until late 2010 as the economy recovers strongly. Meanwhile overseas, the US Federal Reserve has announced sweeping pay cuts for bank bosses as US voters revolt over new bonuses, Bloomberg reported. Also, Sri Lankan born hedge fund manager Raja Rajaratnam is being sued by victims of Tamil Tigers who say he backed the Sri Lankan rebel group. Rajaratnam is also accused of insider trading and his Galleon hedge fund is now being liquidated, Bloomberg reported.
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