Here's my summary of the key news overnight in 90 seconds at 9 am, including news the New Zealand dollar fell a full US cent overnight to 81.6 USc after BHP warned it was seeing a flattening of iron ore demand in China.
This sparked a selloff in global markets and was a factor dragging US stocks down 0.4% in late trade.
Investors are focused on whether China's economy, which now dominates the outlook for Australasia, will suffer a hard landing or a soft landing. There was also unconfirmed talk briefly overnight of rumours of a coup in Beijing that spread around China's microblogs. This follows the shock dismissal of high profile Chinese politician Bo Xilai last week. See more here at The Epoch Times.
Meanwhile, prices of dairy products in Fonterra's fortnightly internet auction fell 4.6% overnight for the fourth consecutive auction.
This was the biggest fortnightly fall since July last year and suggests demand from the likes of China is easing off. See more here on our site.
Meanwhile, oil prices fell 2-3% after Saudi Arabia promised to increase production. Commodity prices were down around 1% across the board overnight.
The US dollar is also strengthening as long term US interest rates have risen sharply in the last couple of weeks.
The key US 10 year Treasury bond yield is up more than 40 basis points this month.
No chart with that title exists.