90 seconds at 9am: New bid for Hanover?; Standard and Poor's global bank warning

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news a source has told the NZHerald that a 'well known and trusted company' is preparing a rival bid for Hanover Finance's loans that will be 'competitive' to the one on the table from Allied Farmers' shareholders.

Meanwhile, Standard and Poor's has warned overnight that most of the world's banks require capital injections to remain above Standard and Poor's tougher revised measure of Tier 1 capital, The Telegraph reported. Standard and Poor's has downgraded the status of hybrid capital. This means ANZ on 7.1%, CBA on 6.3% and NAB on 6.9% would need to raise capital to meet the tougher measures, the Sydney Morning Herald reported.

Meanwhile in the United States, quarterly GDP growth in annual terms was revised down to 2.8% from 3.5% and US unemployment is expected to remain above 10%. This data dragged on the US stock market and reduced appetites for risky currencies such as the New Zealand dollar, which nudged down to 72.3 USc overnight.

Category:

News & Politics

Tags:

• Bernard Hickey
• Standard and Poor's
• Hanover Finance
• 90 at 9

[waldentree]

USD may be collapsing

currently approaching 87.5 yen