Here's my summary of the key news overnight in 90 seconds at 9 am, including news Australia’s interest-rate reduction cycle may have ended as the biggest gain in payrolls in almost 13 years have traders betting the central bank to hold off further cuts. The data sent the Aussie dollar to a one-month high. Their unemployment rate stayed at 5.4% while their partipication rate rose slightly. (New Zealand's participation rate is much higher, as is our unemployment rate.)
In the US rising employment data is stoking the stock market, with the Dow at another record with the S&P close behind.
Regulators in the US are considering a probe into how the London gold price is set - following concerns there may have been similar manipulation as we saw in setting Libor.
Here's a new one - you've heard of 'golden handshakes' where departing execs get paid out big to buy non-competition and confidentiality. Well, Swiss bank UBS is refraining from that, but has invented a 'golden hello'. It just paid an exec more than NZ$30 million when he joined the bank from a rival. Cue outrage.
In Europe there is yet another Summit. The main feature of this one is that anti-austerity voices will get an airing. Expectations for any positive outcomes are zero.
There is increasing talk of easing the managed float of the Chinese yuan. The British are in negotiations to become the leading centre for open trades, and a senior Hong Kong finance boss as said the process to make the yuan fully convertable will be completed within 5 years.
The latest dairy price monitoring shows strong gains for milk powders and butter - and boosted by supply concerns over the continuing New Zealand drought.
The kiwi dollar starts today lower against most currencies following yesterday's RBNZ MPS comments at 82.2 USc, almost a cent lower and helped by that employment data at 79.2 AUc, and the TWI is at 75.6.
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Australia’s interest-rate reduction cycle may have ended as the biggest gain in payrolls in almost 13 years have traders betting the central bank to hold off further cuts. The data sent the Aussie dollar to a one-month high.
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