Here's my summary of the key news overnight in 90 seconds at 9 am, including news that consumers in both the US and China seem to be keeping their hands in their pockets.
American retail sales did grow, but less than expected. Consumers their kept their buying in check for goods other than cars in June, exercising a measure of self-restraint that indicates the economy ended the second quarter on a weak note.
At the same time, an important New York manufacturing index expanded faster than expected in June.
China’s economy slowed slightly for a second quarter - to 7.5% pa - adding to risks that the government there will miss its expansion target as they try to rein in their credit boom. The composition of growth was a particular worry – investment rose and consumption fell. The government is trying to rebalance the economy away from excessive investment; the latest figures suggest that its efforts are yet to bear fruit.
Staying in China, Beijing raised its 2015 target for solar-electricity capacity to more than 35 gigawatts from 21 gigawatts, giving a shot in the arm to China's struggling solar companies.
Hungary's central bank on Monday asked the International Monetary Fund to close its office and leave the country. The IMF helped rescue the country from the brink of insolvency in 2008, but Hungary has chafed under its 'guidance'. However it has succeeded in reducing its deficit below EU's 3% budget cap, and the EU no longer have it under surveillance. There are also elections due next year.
And the European Banking Authority has reported that of the bankers earning more than €1 million per year, the highest numbers were in the United Kingdom (2,436), far exceeding those in other countries; Germany (170), France (162), Spain (125), Italy (96) and the Netherlands (36).
Today we get New Zealand Q2 inflation data. Markets are expecting a 0.3% rise from the previous quarter, which is below the 0.4% recorded in Q1. That would put annual inflation unchanged at 0.9% pa.
In late trade, the Dow is close to its all time high - and commodity prices are higher. US Treasury yields fell on the US retail sales news.
However, the NZ dollar starts today at 78.1 USc, 85.9 AUc, and the TWI is at 74.3.
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