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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 a big rail project.
But first, US factory production rose in February by the most in six months, showing manufacturing
is helping the American economy emerge from a weather-related setback.
Over the past couple of weeks 'someone' - presumably Russia - has sold a huge tranche of US Treasuries,
probably the most on record. These foreign holdings were well over US$3 trillion at the
beginning of the year. Last week they had sunk by more than US$200 billion. That might
be a reason the UST 10yr yields has fallen. They rose a little overnight to 2.67%.
We are used to hearing about big airplane deals. Here's a big deal in the rail sector.
South Africa has ordered 599 new electric trains and 465 diesel trains in a deal worth
some NZ$5.5 billion. (Incidentally, the 3.5 km planned Auckland rail loop is currently
projected to cost NZ$2.9 billion.)
An Australian Federal government committee is to examine laws governing foreign investment
of property. Victorian Liberal back bencher Kelly O'Dwyer told ABC radio that the investigation
would not be anti-Chinese even though buying by Chinese nationals now accounts for 12%
of new home sales.
Overnight the oil price has fallen more than US$1/barrel - Brent is down almost US$1.70/barrel.
The gold price is also lower - having briefly hit $1,390/oz, it is back to where it was
last week at US$1,370/oz.
Equities have gained back much of what they lost on Friday with the New York indexes up
about 1% in mid-afternoon trade.
Our currency starts today higher. The NZ dollar opens at 85.7 USc, 94.3 AUc and the TWI is
at 79.9.
I’m David Chaston, and that was 90 at nine, brought to you by interest.co.nz.