Here's my summary of the key news overnight in 90 seconds at 9 am, including news that Spain has released its 2013 budget details and that shows it is planning to seek more than a quarter of a trillion dollars worth of rescue funds (€207 billion).
This comes after it announced that its banks will require almost €60 billion in new capital to survive the new reality of austerity in Europe. Let's not forget that the problems in Greece, Portugal, Ireland and Italy have not gone away.
But the focus is all on Spain - and Germany, who essentially will need to guarantee the funds. Spain could borrow the needed money from the markets, but at that level it seems unlikely enough lenders will be there.
In China, the latest look at their manufacturing sector is not positive, with it now showing eleven months of consecutive decline. China's yuan briefly hits its highest level against the US dollar since 1994, likely forcing the government to act to protect the country's exports.
The NZ dollar starts the week at 73.9 on the TWI, mainly because the kiwi jumped to almost 80c against the Aussie dollar.
Tomorrow's cash rate review by the RBA is expected to result in another rate cut there as the wind goes out of Australia's sails.
Back here, New Zealanders are very focussed on the spring housing market, and this morning ASB dropped some key mortgage rates.
We have a full review of who has the best rates. Home loan rates are currently art their lowest level in a generation, and that is firing up the housing market at a time the regular spring activity starts.
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