Stock Market Today

By Rebecca Howard, Of DOW JONES NEWSWIRES

WELLINGTON -(Dow Jones)- New Zealand’s current account deficit was wider thanexpected in the three months to June 30, largely due to rising income fromforeign investment in New Zealand and a deficit in the balance on services.

Statistics New Zealand said Wednesday the current account deficit widened toNZ$921 million from a revised surplus of NZ$90 million in the very first quarter. Themedian forecast in a Dow Jones Newswires poll of 10 economists was for a deficitof NZ$691 million,

The larger deficit came mainly from foreign investors’ earnings from theirinvestment in New Zealand, as foreign-owned insurance companies began to recoverfrom losses in the previous quarter, Statistics New Zealand said in a releaseaccompanying the data.

It also noted that a larger goods surplus was offset by the deficit inservices, as the number of overseas visitors to New Zealand was down “largelydue to recent normal disasters and overseas economic conditions,” it said.

–By Rebecca Howard, Dow Jones Newswires; +64-4-471-5990; rebecca.howard@dowjones.com

 (End) Dow Jones Newswires 09-20-111912ET Copyright (do) 2011 Dow Jones & Company, Inc.

By Rebecca Howard, Of DOW JONES NEWSWIRES

WELLINGTON -(Dow Jones)- New Zealand’s current account deficit was wider thanexpected in the three months to June 30, largely due to rising income fromforeign investment in New Zealand and a deficit in the balance on services.

Statistics New Zealand said Wednesday the current account deficit widened toNZ$921 million from a revised surplus of NZ$90 million in the very first quarter. Themedian forecast in a Dow Jones Newswires poll of 10 economists was for a deficitof NZ$691 million,

The larger deficit came mainly from foreign investors’ earnings from theirinvestment in New Zealand, as foreign-owned insurance companies began to recoverfrom losses in the previous quarter, Statistics New Zealand said in a releaseaccompanying the data.

It also noted that a larger goods surplus was offset by the deficit inservices, as the number of overseas visitors to New Zealand was down “largelydue to recent normal disasters and overseas economic conditions,” it said.

–By Rebecca Howard, Dow Jones Newswires; +64-4-471-5990; rebecca.howard@dowjones.com

 (End) Dow Jones Newswires 09-20-111912ET Copyright (do) 2011 Dow Jones & Company, Inc.

LONDON -(Dow Jones)- U.K. consumer confidence weakened for the third straightmonth in August as Britons became much more pessimistic about the economic outlook.

The Nationwide Building Society Wednesday said the headline measure ofconfidence in its monthly survey fell to 48 from 49 in July. The continuingerosion of confidence suggests consumer spending will remain weak inside the monthsahead, making life difficult for retailers and threatening to derail thefaltering economic recovery.

The survey was conducted in between July 25 and August 21, a period during whichmost economic data pointed to a slowdown in growth.

But that survey period was also notable for widespread rioting and looting inLondon and a number of other English cities over a four-day period. Against thatbackdrop, the decline in confidence appears modest.

“Further signs that the UK economy is struggling to gain momentum, disorder ina number of English cities and renewed turbulence in global financial marketswould all have been expected to weigh down heavily on confidence during themonth,” said Robert Gardner, Nationwide’s chief economist.

The proportion of those surveyed describing the outlook for the economy overthe next six months as “good” was unchanged at 16%, but the proportiondescribing it as “bad” rose to 36% from 31%.

The proportion expecting many or some jobs to be available in 6 months’ timewas unchanged at 21%, while the proportion expecting not many or few jobs to beavailable fell to 56% from 57%.

Of the one,000 people surveyed, 13% expected their income to be higher in sixmonth’s time, up from 12% in July, while 19% expected their income to be lower,down from 20% in July.

-By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com

 (Finish) Dow Jones Newswires 09-20-111915ET Copyright (do) 2011 Dow Jones & Company, Inc.

LONDON -(Dow Jones)- U.K. consumer confidence weakened for the third straightmonth in August as Britons became much more pessimistic about the economic outlook.

The Nationwide Building Society Wednesday said the headline measure ofconfidence in its monthly survey fell to 48 from 49 in July. The continuingerosion of confidence suggests consumer spending will remain weak inside the monthsahead, making life difficult for retailers and threatening to derail thefaltering economic recovery.

The survey was conducted in between July 25 and August 21, a period during whichmost economic data pointed to a slowdown in growth.

But that survey period was also notable for widespread rioting and looting inLondon and a number of other English cities over a four-day period. Against thatbackdrop, the decline in confidence appears modest.

“Further signs that the UK economy is struggling to gain momentum, disorder ina number of English cities and renewed turbulence in global financial marketswould all have been expected to weigh down heavily on confidence during themonth,” said Robert Gardner, Nationwide’s chief economist.

The proportion of those surveyed describing the outlook for the economy overthe next six months as “good” was unchanged at 16%, but the proportiondescribing it as “bad” rose to 36% from 31%.

The proportion expecting many or some jobs to be available in 6 months’ timewas unchanged at 21%, while the proportion expecting not many or few jobs to beavailable fell to 56% from 57%.

Of the one,000 people surveyed, 13% expected their income to be higher in sixmonth’s time, up from 12% in July, while 19% expected their income to be lower,down from 20% in July.

-By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com

 (Finish) Dow Jones Newswires 09-20-111915ET Copyright (do) 2011 Dow Jones & Company, Inc.

LONDON — U.K. consumer confidence weakened for the third straight month inAugust as Britons became much more pessimistic about the economic outlook.

The Nationwide Building Society Wednesday said the headline measure ofconfidence in its monthly survey fell to 48 from 49 in July. The continuingerosion of confidence suggests consumer spending will remain weak within the monthsahead, making life difficult for retailers and threatening to derail thefaltering economic recovery.

The survey was conducted among July 25 and August 21, a period during whichmost economic data pointed to a slowdown in growth.

But that survey period was also notable for widespread rioting and looting inLondon and a number of other English cities over a four-day period. Against thatbackdrop, the decline in confidence appears modest.

“Further signs that the UK economy is struggling to gain momentum, disorder ina number of English cities and renewed turbulence in global financial marketswould all have been expected to weigh down heavily on confidence during themonth,” said Robert Gardner, Nationwide’s chief economist.

The proportion of those surveyed describing the outlook for the economy overthe next 6 months as “good” was unchanged at 16%, but the proportiondescribing it as “bad” rose to 36% from 31%.

The proportion expecting many or some jobs to be available in 6 months’ timewas unchanged at 21%, while the proportion expecting not many or few jobs to beavailable fell to 56% from 57%.

Of the 1,000 people surveyed, 13% expected their income to be higher in sixmonth’s time, up from 12% in July, while 19% expected their income to be lower,down from 20% in July.

-By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com

 (End) Dow Jones Newswires 09-20-111945ET Copyright (do) 2011 Dow Jones & Company, Inc.