Here's my summary of the key news overnight in 90 seconds at 9 am, including news Germany's highest court has removed a major obstacle to the current strategy to deal with the eurozone crisis and this was greeted with relief by both politicians and investors. It justified the earlier market assumptions, so there has been little reaction to the actual decision.
There were conditions, but these were also as expected; the major one being that Germany must keep its effective veto over the proceedings. Overall its a clear-cut win for Angela Merkel, but curiously it does not help Germany's allies. There is an election in Holland in its final stages, and the Dutch are left feeling like a German province. However, a euro-frendly coalition is expected to scrape home in that race whose outcome we will know later today.
Markets now turn their attention to the US Fed and their QE decisions. We will know that tomorrow, but it does seem markets expect QEIII and failure to deliver will be greeted negatively. Meanwhile, oil fell as inventories unexpectedly rose, the Dow is shedding gains near the close, and Americans are reportedly to be getting more optimistic about the direction of their country.
Elsewhere, both China and India are reporting flat or pessimistic market outlooks. In Britain, the new Barclays chairman says banks - and presumably including his - must stop paying staff commissions on sales. He looks like a crusty throwback to me, but this view is a refreshing one going to the heart of what has been troubling customers and their trust in banks.
In China, the political situation gets murkier, with the usual denials absent over the turmoil in the leadership change. In South Africa, serious turmoil is brewing there also with the army put on "high alert".
But back here, we will see the final chapter in the reign of Alan Bollard at the RBNZ today. Bernard Hickey is at the Monetary Policy Statement and will be reporting in soon.
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