Helen Kevans News
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New Zealand lost its top credit grades at Standard & Poor’s and Fitch Ratings, the first Asia- Pacific nation in a decade to have its local-currency debt cut from AAA. Government bond yields rose by the most this year.
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Traders slashed bets on an interest-rate cut in Australia next month to the lowest level in seven weeks after the central bank showed optimism the nation will weather Europe’s debt crisis and a slowdown in the U.S.
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Australia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG’s top banker in the nation said.
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Australian employers unexpectedly cut workers for a second month in August, sending the nation’s currency and bond yields lower as investors added to bets the central bank will reduce interest rates.
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Helen Kevans , a senior economist at JPMorgan Chase & Co. in Sydney, made the following remarks about the economic impact of the earthquake that hit Christchurch on Sept. 4. She made the comments today in a telephone interview.
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Helen Kevans, an economist at JPMorgan Chase & Co. in Sydney, comments on the New Zealand central bank’s decision to keep its benchmark interest rate unchanged at 2.5 percent.
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New Zealand’s economy will likely rebound from the verge of a recession and expand next year, buoyed by earthquake reconstruction and a tourism boost from the Rugby World Cup.
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New Zealand’s business confidence fell in the third quarter to the lowest level since mid-2009, weakening the case for further interest-rate increases.
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The following are the day's top business stories:
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New Zealand’s household spending probably helped the nation’s economic expansion accelerate last quarter before the biggest earthquake in 80 years hit growth.
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