Here's my summary of the key news overnight in 90 seconds at 9 am, including news Mt Tongariro in the central North Island has erupted for the first time since 1897.
The volcano is spewing rocks and ash high into the atmosphere and the wind is spreading it across the Desert Rd towards Napier. Officials have warned residents in the area to stay indoors and have closed roads. Flights may be affect. However, that area of the central North Island is only lightly populated and it's too early to say if any damage or injuries are likely.
Meanwhile, investors were keener on riskier assets overnight on hopes Germany will approve the European Central Bank's plans for bond buying.
A senior official in Chancellor Angela Merkel's ruling coalition made positive noises overnight, but there remain plenty of hurdles, the largest of which is a grumpy Bundesbank, which blocked the last bond buying programme in March.
US stocks rose 0.2% to 0.5% after Best Buy's founder announced he would buy the company back off the stock market and earnings results were positive. See more here at Reuters.
Eurostoxx rose around 1% on hopes for an easing in the Euro-zone debt crisis and talk from Greece of an agreement that may allow fresh loans to Greece so it doesn't run out of cash on August 20.
All this 'risk on' appetite helped boost the NZ dollar above 82 USc.
Meanwhile, New York authorities have accused Standard Chartered of hiding more than 60,000 transactions worth US$250 billion by the Iranian government between 2001 and 2010. Standard Chartered may lose its license to operate in New York, where it has over US$40 billion of assets.
A Standard Chartered official described the allegation as having the potential to cause 'catastrophic reputational damage' to the bank. Reuters reported the un-named official was then quoted as saying: "You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."
New York's Superintendent of Financial Services also said Deloitte Touche LLP helped Standard Chartered hide the money laundering.
The latest money laundering allegation follows admissions by HSBC it allowed massive money laundering. HSBC paid a US$1 billion fine.
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