Here's my summary of the key news overnight in 90 seconds at 9 am, including news EU ministers say - after three years - they have finally reached a deal on the Greek debt bailout.
The agreement means euro zone ministers have unlocked loan installments for Greece that total €44 billion (NZ$70 billion). But whether this is real progress, or another mirage, is hard to tell - within minutes of the announcement commentators were dismissing it as another exercise in "kicking the can down the road". Time will tell, though.
Generally, things remain tough in Europe. French jobless claims jumped to a 14-year high as a stalled economy prompted companies to trim payrolls and investment. And the OECD cut its economic forecast for 2013 to 1.4% growth from 2.2% and said that failure to resolve the euro debt crisis and the US budget impasse could trigger a global downturn. They do see China expanding faster though, achieving growth of 8.5% next year, and almost 9% the year after.
In the US, companies increased their orders for machinery and equipment by the largest amount in five months. Surveys of home prices and consumer confidence, which jumped to a 4 year high, also offered more signs of optimism.
The NZ$ starts the day little changed at 82.1 USc and the TWI is at 73.5
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