Wall Street rose to a record after better-than-expected economic data and corporate earnings fuelled investors’ optimism the US economy is gathering steam as Federal Reserve Chairman Ben Bernanke reiterated the central bank’s ongoing support for growth. Bernanke testified before Congress for a second day, now to the Senate Banking Committee. He has finally managed to reassure investors that the Fed’s …

Surging prices for Auckland and Christchurch real estate do not constitute a housing market bubble because bank lending volumes have been plummeting for the last two months, says the executive director of the New Zealand Bankers Association, Kirk Hope. Political debate has raged this week over the impact on first home buyers if the Reserve Bank of New Zealand imposes …

New Zealand consumer confidence eased in July as higher petrol prices and the prospect of rising mortgage rates dented financial sentiment. The ANZ-Roy Morgan consumer confidence index slipped to 119.8 from a three-year high of 123.9 in June. The current conditions index dropped 4 points to 118 and sentiment on future conditions eased 5 points to 121. All five questions …