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US trade deficit falls; EU stocks drop; German orders fall; Italy back in recession; Beijing pollution action; UST 10yr 2.46%; NZ$1 = US$0.847, TWI = 79.3
Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a falling oil price, even as tensions mount in key parts of the oil world.
The US trade deficit fell 7% to $41.5 bln in June after a sharp drop in imports, data out overnight shows. Their exports rose while their imports decreased, especially for oil.
In fact, oil storage levels were higher than expected in the US and the price of oil fell to below US$97/barrel. Local production is rising fast. The Brent benchmark is also still below US$105/barrel.
European stocks dropped to their lowest level in more than three months as concerns mount about a buildup of Russian troops along the border with Ukraine, and a report showed German factory orders unexpectedly fell.
And in an overnight surprise, Italy has said it has fallen back into recession after the country's economy contracted by 0.2% in the second quarter of the year.
In China, reputation matters to the central government. Beijing today ordered official vehicles off the road for 16 days and urged people to take public transport to ensure smog-free skies for a key advance meeting ahead of an APEC summit in November. Some factories will be ordered shut as well.
Equity markets are level-pegging today in New York, not making back yesterday's losses; UST 10yr yields fell back to 2.46%. Gold however jumped and is now at US$1,308/oz.
We start today with the NZ dollar up somewhat following the dairy price drop. The better than expected employment data has helped add back some confidence. We are now at just over 84.7 USc, just under 90.7 AUc. The TWI is at 79.3.
If you want to catch up with all the changes on yesterday we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »