It may be the holiday break, but in the rest of the world, business goes on. Here is a quick snapshot of some key news and data overnight.
A big international impact: more than one third of the world's steelmaking coal is disrupted by the Queensland floods. Sugar exports are affected too. And more rain is on the way. New Zealand coal miners are looking pretty.
Dubai rescheduled its debt repayments in 2009 and 2010 - but those repayments still need to be made, and soon. A new crunch is coming.
The Europeans are looking at forcing bank bondholders to take real pain if their bank fails. One current idea is to force bondholders to convert their holding to shares, rather than be paid out by taxpayers. Might make the ability of European banks to raise bond funding interesting.
California would be the world's tenth largest country if it was independent. It might also be the largest 'nation' to default on its debt. It faces enormous budget problems, and a man-from-the-past has been elected to deal with it.
China's investment in New Zealand government bonds is understood to be rising but just how much it holds remain a mystery, according to the Treasury.
|8 am||--- 52 week --|
|Crude oil||in US$/bl||88.84||89.34||91.45||70.15|
|US Treasuries||30 yr bond||4.39%||4.41%||4.78%||3.61%|
We hope you had a safe and happy New Year's eve, and are having a great holiday break.