Nouriel Roubini sees a short, shallow downturn followed by a strong recovery and lower inflation as the most likely scenario for the US economy

Canada, Japan, South Korea and India all post generally upbeat data while eyes turn to US holiday retail impulse; air travel and air cargo rise; UST 10yr at 4.02%; gold rises, silver surges and oil firmish; NZ$1 = 57.3 USc; TWI-5 = 62

RBNZ Assistant Governor Karen Silk says Monetary Policy Committee will keep an eye on price setting behaviour and world dynamics that could potentially influence how the Official Cash Rate moves

Forty-five percent of first home buyers' mortgages were low equity loans in October