90 seconds at 9 am: US election; Greek vote amid strike; France switches track, raises VAT; RBA urges savers to opt for shares; RBNZ to report today; dairy prices rise

Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks and commodities rallied for a second day, while the dollar and Treasuries fell, as investors awaited results of the presidential election.

From makeshift sites in communities hit by Hurricane Sandy to more typical booths in schools, Americans began casting their ballots for president. From all accounts, it will be close.

In Europe, Greece headed for its own cliffhanger vote on austerity measures needed to keep the bailout on track as a 48-hour general strike began and European officials squabbled over the timing of a deal to unlock rescue funds.

And in France President Hollande will raise his country's main sales tax rates to finance a cut in payroll charges, throwing support behind businesses for the first time in a bid to counter a record trade deficit and revive flagging growth.

In Australia, their Reserve Bank held rates unchanged and gave a strong signal that low interest rates should push investors to shun low-earning term deposits in favour of riskier assets such as new housing and shares.

Our Reserve Bank reports today on New Zealand's financial stability. Bernard Hickey is in Wellington and will report on their update later this morning.

Commodities rallied, with oil and gold making big gains. Fonterra's globaldairytrade auction came in with yet another rise, a small one, but dairy prices have risen in six of the last seven auctions. The NZ$ starts out today at 82.7 USc and the TWI is at 74.