Here's my summary of the key issues from overnight that affect New Zealand, with congratulations to the Black Caps.
In secondary news however, American consumer prices rose in February as petrol prices rose for the first time since June, and there were also signs of an uptick in underlying inflation pressures which will keep the Fed on course to raise rates this year.
At the same time data out overnight shows that new single-family home sales surged in February to their highest level in seven years and up +24% compared with the same month a year ago, and despite harsh winter weather in large parts of America.
US factories were busy in March as well. They reported the sharpest rise in output since September 2014 and new orders increase at their fastest pace for five months, despite modest fall in export sales. Manufacturing job creation also accelerated in March.
Across the Atlantic, euro zone businesses also ramped up activity in March as the ECB started printing money to spur economic growth.
In contrast, a slowdown at Chinese factories fueled expectations of more monetary stimulus there.
In New York, the UST 10yr yields slipped slightly overnight to 1.91%. The New Zealand swap curve is maintaining its very flat structure and also fell a basis point of two yesterday.
The Aussies borrowed AU$4.25 bln of 20 year money yesterday at less than 3%, just 2.865%. They are borrowing big-time, having issued AU$94 bln in new debt since September 2013 when they tossed out their debt ceiling law. Total Australian Federal Government debt is now $399 bln. The Australian State governments owe another AU$277 bln.
The crude oil price is unchanged US$47/barrel and Brent crude is at $55 a barrel.
The gold price is up slightly to US$1,190/oz.
The New Zealand dollar was firmer overnight but has slipped back a little in the last hour to 76.4 US¢, it is at 97.1 AU¢, and the TWI is at 80.7.
If you want to catch up with all the local changes on Friday, we have an update here.
The easiest place to stay up with event risk is by following our Economic Calendar here »
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