What you need to know on Friday morning, September 5
- NZX50 up 4.153 points (0.08 per cent) to 5228.549
- NZ dollar at US83.05 cents, A88.81c, 87.34 yen, 50.82p, 64.17€c
- Brent crude oil at US$101.90 a barrel (down US39c)
- Spot gold at US$1263.80 an ounce
What's on today
- DNZ Property Fund annual meeting 10am, The Remuera Room, Ellerslie Racecourse, Greenlane, Auckland
- Pulse Energy annual meeting 10am, Chartered Accountants New Zealand, ground floor, 12-16 Nicholls Ln, Carlaw Park East, Parnell, Auckland
- Statistics NZ Wholesale Trade Survey: June 2014 quarter
Stocks to watch
- Power generators: The latest Stuff/Ipsos poll will be watched by investors in New Zealand's power generators. The survey, taken over the five days starting with Judith Collins' resignation as a minister last Saturday, saw National rise to 54.2 per cent, up 3.4 percentage points, while Labour slipped 1.8 points to 24.3 per cent. With only a couple of weeks to go until election day, this suggests the prospect of NZ Power, Labour's single-buyer policy, which would hit electricity generators' profits, is unlikely.
Top international news
- The gap between the richest Americans and the rest of the nation widened after the global financial crisis, a survey by the Federal Reserve showed yesterday, suggesting deepening US income inequality.
Though incomes of the highest earners rose, none of the groups analysed by the Fed had regained their 2007 income levels by 2013, underscoring deep scars from the financial crisis and its aftermath.
The data comes from a massive survey of consumer finances conducted by the Fed Board of Governors every three years. Many other studies have also shown the lasting effects of the recession and documented rising income disparity in the United States.
The Fed survey released suggests that wealth and income is concentrated not just within the top 1 per cent, as some analyses have suggested, but actually among a slightly broader slice of the ultra-rich: the top 3 per cent.
From 2010 to 2013, average income for US families rose about 4 per cent after accounting for inflation, the survey showed. All of the income growth was concentrated among the top earners, the survey showed, with the top 3 per cent accounting for 30.5 per cent of all income.
The disparity was even greater by wealth, with the top 3 per cent holding 54.4 per cent of all net worth in 2013, up from 51.8 per cent in 2007 and 44.8 per cent in 1989.
Something else for your morning
- Wellington's burgeoning tech companies could soon have a new home.
The city council is looking to set up a centralised hub to act as an incubator for new businesses, where they can hire space in a collaborative building.
But the council is not looking to build a home - instead it would be seeking expressions of interest and would act as a "facilitator" to help set up a hub.