Here's my summary of the key news overnight in 90 seconds at 9 am, including news that disappointing economic data from China led to risk assets starting the week on the back foot.
Growth in the world’s second-biggest economy slowed to 7.7% in the first-quarter, down from 7.9% in the previous quarter and well below the 8% consensus estimate.
The Chinese government warned this is unlikely to be a blip and that the double-digit growth rates seen over the last 30 years are probably a thing of the past. If true, this will have an impact on developed and emerging economies.
The worst performing currency overnight was the Australian dollar with our currency not far behind.
And gold continued its terrible price fall. It closed in London at US$1,395/oz and is trading in New York currently at just US$1,350/oz - that's NZ$1,600/oz and another 8% drop in just one day. It's a full blown rout. Silver's no better, losing almost 20% in a week. The Dow is down in midday trade, shedding more than 1.8%.
Copper fell to its lowest level in 18 months, and aluminium fell to a three and a half year low. Oil was weak too.
Meanwhile in Europe, Greece has finally clinched a deal with its troika of lenders. Apparently 15,000 civil servants will be laid off by the end of next year, to be replaced by an equivalent number of 'young people'. It is a bold move to refresh a dysfunctional system.
Locally, the Mighty River Power share offer is now open.
The Kiwi dollar starts today at 84.3 USc down almost a cent and a half on the day, 81.5 AUc, the Japanese yen has risen to 82, and our TWI is at 77.6.
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