90 at 9: US bond yeilds drop; Dow rises on Goldman 'buy'; Rio dispute turning ugly

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that worries about the US economy are encouraging many US investors to play it safe and invest in US government bonds. That is pushing down US government bond yields and means there is strong demand in recent auctions for US Treasuries, Bloomberg reported.

However, overnight the US stock market rallied after a well known and very bearish banking analyst Meredith Whitney put out her first 'buy' notice on Goldman Sachs, WSJ.com reported. This helped push the NZ dollar up to 63 USc because investors pick our currency when they're feeling like a punt.

Meanwhile in the UK, the Times reported Lloyds Banking Group is expected to post a 13 billion pound loss, partly due to losses in New Zealand from Bank of Scotland International. Across the Tasman, the dispute between Rio Tinto and the Chinese govt is threatening to turn ugly as the Australian government is pressured to call directly for China to release detailed executive Stephen Hu, the SMH reported.

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[keithholden]

Check who is buying the bonds. the federal reserve is now under forign buyers