Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks wobbled lower and higher in a tentative first day's trade after 'Frankenstorm' Sandy.
The S&P 500 closed up marginally after being lower in late trade. Brokerage Knight Capital remained closed because of power outages.
Some stocks gained, including those of hardware chains Home Depot and Lowe's. See more here at Bloomberg.
US bond yields edged lower on expectations Sandy may reduce US economic growth and inflation pressures slightly. See more here at Bloomberg.
Market focus is shifting to US Non Farm Payrolls figures on Friday night New Zealand time. They are expected to show 125,000 jobs were added in October. These are the last jobs figures before the November 6 US Presidential elections. Traders will also watch Chinese PMI figures later today for indications on whether factory output there is still contracting.
However, the US Federal Reserve reported firmer demand for loans for houses, cars and commercial property in the United States, suggesting the world's largest economy may be picking up. See more here at Bloomberg.
Meanwhile, Eurozone unemployment rose to 11.6% in September from 11.5% in August and there is renewed debate about whether to ease Greece's bailout conditions. A final decision is due on November 12. See more here at Bloomberg.
Closer to home, the New Zealand dollar was solid over 82.2 USc as the US dollar weakened on growing expectations President Obama could win re-election as he dominates coverage of the Sandy cleanup at the same time as Mitt Romney has suspended his campaign. See more here in BNZ's Mike Jones' currencies report here on our site.
New Zealand wholesale interest rates also edged lower yesterday, in line with expectations about global growth and inflation. Financial markets are still pricing in a 65% chance of a 25 basis point cut in the Official Cash Rate over the next year, although economists see no change until late 2013. See more here in BNZ's Kymberley Martin's bonds report on our site.
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