90 at 9: ECB and OECD see turning points; Australia's monster budget deficit

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including comments from the European Central Bank and the OECD that they are seeing signs of a turning point in the global economic recession. However, Chinese exports fell 23% in April, which was worse than expected. Across the Tasman, Kevin Rudd has unveiled a projected Australian Budget deficit of nearly A$60 billion or almost 5% of GDP after plans to spend more than A$20 billion on broadband, roads, hospitals and schools.