90 at 9: Dow up on retail results; NZ$ up too; Key attacks tax rorts

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news The Dow bounced in late trade after better than expected profit results from Home Depot, Saks and Target.

However, the profits were better because of cost cutting rather than sharp sales growth, meaning the US consumer remains stuck in their hole The market feels like the calm before a storm in September and October when we could see the market slump again. American consumers need to start spending economy going again.

Meanwhile the New Zealand dollar rose back to 67.5 USc on renewed appetite for risk overnight Also, PM John Key has attacked those people who claim Working for Families while also earning rental income

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