Here's my summary of the key news overnight in 90 seconds at 9 am, including news the new Chinese leader-in-waiting seems to have suddenly disappeared.
Xi Jinping, the man expected to take the reins as China's top leader in a few weeks, canceled a meeting with Denmark's prime minister after missing a number of other high-profile events, fueling speculation about his health or suitability, and fueling even more speculation about the leadership change. There are even rumours about more sinister reasons. Inner turmoil is swirling.
Meanwhile, worryingly soft trade data is hurting China, as exports to the EU and Japan tumble.
The troubles continue for the ECB in Europe. A German court is delaying an authorising decision, a move aimed at undermining the ECB plans. And a rebellion is also building inside the Greek government. Don't count of ECB bond buying beginning anytime soon.
In the US, wages are stagnating as the job market cools, restraining the consumer spending that is needed to sustain the US economic recovery. All eyes are on the upcoming US Fed meeting, and we will hear those results on Friday.
Closer to home in Australia, there is trouble in the Aussie coal mines. Not only are orders shrinking fast, there are increasing job layoffs, new projects are being cancelled, and now the Queensland governmnet is about to add a new higher royalty on their falling output.
Our troubles seem minor in comparison. The currency starts the day basically unchanged at NZ$1 = US$0.809.
Bernard Hickey returns tomorrow.
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