Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that commodity prices fell across the board overnight on fears of a slowdown in global growth.
The price of West Texas Intermediate (WTI) oil fell below US$110/barrel and silver fell more than 5% to extend its biggest three day losing streak since 1983. Silver has dropped from almost US$50/oz late last week to under US$40/oz overnight.
Gold prices fell and US stocks fell around 0.5% on worries about slower than expected US service sector growth and weaker US jobs growth.
There are also worries about China's growth rate in the wake of yet more ominous comments from the People's Bank of China about moving to crack down on inflation.
These worries about growth and lower commodity prices dragged down the commodity currencies, including the Australian dollar and the New Zealand dollar. The kiwi fell to 79 USc.
Meanwhile, Korea has signed a Free Trade Agreement (FTA) with the European Union (EU). This is the second biggest free trade agreement ever signed. The biggest was the North American Free Trade Agreement (NAFTA) that includes America, Canada and Mexico.
Kore is New Zealand's 6th largest buyer of exports and New Zealand is currently negotiating its own FTA with Korea.
Meanwhile, back in New Zealand, Andrea Fox writes at Stuff that plans to pass legislation this year to allow trading of Fonterra share trading have been delayed until next year.
Elsewhere, the Commerce Commission is expected to announce the regulation of lower mobile phone termination rates, which in theory would mean lower mobile phone costs. See a preview from Chris Keall here at NBR.