Here's my summary of the key news overnight in 90 seconds at 9 am, including news American service industries expanded in March at the slowest pace in seven months and companies added fewer workers than forecast, indicating the US economy may be starting to cool, according to the latest surveys.
US oil prices fell sharply overnight, and the stock market indexes are down almost 1% in mid-day trade.
On the other hand, Fed officials are expecting the US unemployment number to progressively improve over 2013 although not as fast as we have seen in Q1.
Going the other way, China's service industries expanded at a faster pace in March. In fact, fast rising wages in China and other emerging Asian economies signals the end of 'cheap Chinese products'. The flip side will be that workers in those economies will have much expanded incomes and that will change the demand dynamics in world trade.
Silver prices fell to an eight-month low on concern about industrial consumption. Gold fell sharply as well, its second major tumble in the past week, now down to US$1,554/oz.
In Australia, the new home market has suffered a setback with sales falling for the first time in four months.
They slid more than 5% nationally in March, driven by sharp falls in Victoria and South Australia.
We should get the first look at the New Zealand property market for March later today.
The Kiwi dollar starts today basically unchanged from yesterday at 84.3 USc, 80.5 AUc.
The TWI is at 77.2 and very close to its record high.
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