90 at 9: US housing starts up, but Wall street down on consumer spending, industrial production

Bernard Hickey details the key news overnight in 90 at 9 in association with ASB. US housing starts rose in May, yet Wall Street was down on signs that consumer spending was still weak and reports that industrial production fell 1.1% over the month. Deutsche bank said it thought US house prices still had another 14% fall ahead of them. Also, Swedish car maker Koenigsegg, which makes around 15 cars a year, has reportedly reached a deal with GM to buy Saab, which makes around 3,400 cars a year. Finally, the CEO of British Airways has made a request that 40,000 staff go without pay for a month.