Here's my summary of the key news overnight in 90 seconds at 9 am, including news the IMF boss says Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry.
She also warned that the threat from world’s biggest lenders was "more dangerous than ever".
At the same time the EU singled out Spain and Slovenia for "balances that can be considered excessive" and had unusually harsh words for France and Italy for lack of action on improving competitiveness and debt levels.
Across the Atlantic, President Obama has proposed a US$3.8 tln budget deal "more than meeting Republicans halfway" with welfare system cuts in return for higher taxes on the wealthy. But markets are sceptical after many failures and seem to be betting no budget deal gets done with truculent Republicans.
Meanwhile, the Fed 'accidentally' released minutes of its March meeting early which were relatively hawkish, apparently leaning towards scaling back QE this year.
Markets are dependent on excess central bank liquidity, and risk aversion often follows hawkish FOMC minutes. But on this occasion it added momentum to a stockmarket rally.
The Dow raced to another record high and at mid-day had gone through the 14,800 level. Gold on the other hand dropped almost US$20/oz to US$1,560/oz.
A sliding yen has also boosted the Japanese stock market, and in China their currency closed at a 19 year high against the US dollar.
All these moves have propelled the Kiwi dollar ever higher.
The Kiwi dollar starts today at 85.7 USc, a 20 month high, 81.4 AUc, 85.5 Japanese yen which is up almost another 1 yen on the day, and our TWI is at yet another record post-float high of 78.86.
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