Here's my summary of the key news overnight in 90 seconds at 9 am, including news there are more signs consumer confidence is starting to rise in Europe, although from low levels.
And staying in Europe, the EU financial transactions tax is dead.
Few euro countries now want it, as they now fear a rapid unwinding of financial power and its shift to Asia and New York. The EU banks have won.
The US economy grew at an annualised rate of 2.4% in the first three months of the year official figures show, down slightly from the original estimate.
The drop in US Government spending was higher than first reported - it was the biggest such decline in more than 50 years - although consumer spending resiliance was also confirmed and more than made up for it.
Wall Street is ending the week on a positive note - reassured that the Fed stimulus will continue a while yet.
Iron ore slumped to a seven-month low, down 30% from this year's high in February, hit by slowing demand from China and a glut of a supply. However, some see it rebounding due to unusually low Chinese inventories.
Gold jumped in overnight trade to US$1,415/oz while the rising yields in US Treasuries took a break, down slightly in late trade. And there has been a selloff in junk bonds.
Yesterday's announcements that the RBNZ was intervening in currency markets needs to be kept in perspective. The RBNZ sold NZ$256 million in April, but currency markets traded more than a $210 billion in kiwi dollars in that month. The RBNZ's foray amounted to about 0.1% of all trades, and unlikely to influence anything. Governor Wheeler will need hugely deep pockets to do anything meaningful. Trading fx is very risky, especially with taxpayers money, and especially if your goal is to move the market and move it semi permanently.
The NZ dollar starts today at 80.8USc, 83.6 AUc, and our TWI is down to 75.9 and its lowest since mid March.
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