Here's our summary of the key news overnight in 90 seconds at 9 am, including news that stocks took a step back as investors grappled with euro zone uncertainty, a raft of corporate earnings and softer-than-expected data on the American labour market.
The US Fed said that banks will have a full two years to bring their activities in line with the so-called Volcker rule before regulators start enforcing it.
More Americans than forecast filed claims for jobless benefits and sales of previously owned homes unexpectedly dropped, indicating their almost three-year-old economic expansion may be moderating.
US stocks fell for a second day as data on manufacturing, those home sales and jobless claims all tempered optimism in the economy, overshadowing improving earnings. Treasuries and commodities rose.
Spain and France sold 13 billion euros in debt successfully, with both countries raising what they’d targeted - although borrowing costs are rising.
Japan reported the fastest export growth in a year and a smaller-than-expected trade deficit, helping prospects of a sustained recovery in the world’s third- biggest economy.
The New Zealand dollar fell overnight against most currencies. It opens this morning at US$0.813, its lowest level in a month, and the TWI is starting today at 72.6. The exchange rate to the British pound is nearing its lowest level of the year at UKP0.5066.
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Repossessed Spanish homes fall in value
In its report Fitch found that repossessed properties were on average being valued at 25 per cent below their original valuations. But once sold they were on average selling for 48 per cent below their value when the mortgage was first taken out.
http://www.ft.com/intl/cms/s/0/b8f42616-894a-11e1-bed0-00144feab49a.htm…
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100016361/g…
Sounds like a bargain compared with a Queenstown apartment.
Apart from getting there Spain is a very cheap place - Sangria, great food, amazing culture. Obviously I hope these are not apartments near UK colony resorts - nothing worse than drunk skinhead poms people, oh Malaga just avoid at all costs.
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