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Hello, I’m David Chaston with Ninety at nine, brought to you by interest.co.nz. This
is where you get everything you need to know in 90 seconds at 9 o’clock, including news
of the Fed transition.
Janet Yellen, the nominated replacement for Ben Bernanke, has been before a US Sentate
committee this morning in confirmation hearings. She has said it is important not to remove
stimulus too early. She defended the Fed's steps to spur economic growth, calling efforts
to boost hiring an "imperative".
Meanwhile in the US, their trade gap widened in October on rising imports. Initial jobless
claims fell slightly in the latest weekly data published but they came in above what
was expected.
Global demand for gold fell to a four-year low in the third quarter amid widespread investor
disillusionment with the precious metal, according to data published by the Gold Council overnight.
Even jewellery demand was tepid. Central banks bought less, although EFT's quit their holdings
at a slower pace than the rush in the June quarter.
In Europe, Ireland will become the first of their bailed-out countries to make a full
return to financial markets. The Irish Government said overnight it will do that on December
15 - and without any safety-net, which some see as a risky gamble.
In Japan, the pressure is piling on Abenomics. The latest data out is not reassuring, with
capital investment down, and even exports down, despite the lower yen. Markets are expecting
a quick-fix to a decades-old problem.
In China, it is becoming clearer that the economic reforms will just entrench their
giant state-owned enterprises. One of those is on a global search for natural gas supplies.
And research out overnight shows the extent that China's billowing surpluses are being
used to invest in substantial offshore property.
In Australia, Fonterra-backed Bega Cheese has trumped that last offer for WCB in the
ongoing fierce bidding war for the mid-sized dairy co-operative.
And staying in Australia, their new government's plan to raise the debt ceiling to AU$500 billion
has hit a block in their Senate where lawmakers there want a AU$400 billion limit. Shades
of a US-style tussle.
The NZ dollar starts today at 82.8 USc, 88.8 AUc, and the TWI is at 77.4.
I’m David Chaston, and that was 90 at nine, brought to you by interest.co.nz.