Here's my summary of the key news overnight in 90 seconds at 9 am, including news we are ending the month with the exchange rate at US$0.798, about 1 USc lower than a month ago, and the TWI at 71.9, also lower by about one whole point in a month. The latest local economic data indicates that modest growth in our economy is holding, and building consent levels are rising even if flattening out.
The end of August also indicates the end of the northern hemisphere summer vacation season. And that means that the European and American heavy-hitter policy elites will be back at work full-time soon.
Big decisions are pending, especially in Europe and September is often a month when things come to a head. It could be a rough few weeks as the Germans and ECB slug it out over the eurozone policy direction.
Certainly the Chinese are worried about the inability of the Europeans to sort themselves out.
The World Bank said overnight that international food prices jumped 10% in July; rapid shifts like this are often destabilising and provoke civil unrest.
Data overnight in North America was fairly optimistic however, with retailers reporting a positive August, and the July numbers for US consumer spending on the up.
But the markets are heading for a loss on euro concerns, the imminent failure of a huge mining merger between Glencore and Xtrata, and the widely anticipated Bernanke Jackson Hole speech.
In Australia, a number of issues threaten to explode in September. There is big labour trouble brewing in their construction industry, public servants are facing major job cuts, and their mining industry will need to react to the Chinese decisions to shut significant steel production.
Yes, hold on to your hats - as they say, September could be 'interesting'.
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