Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a worrying slowdown in China.
A raft of figures over the weekend added to the evidence, with exports in May posting the lowest growth in almost a year, inflation, growth in bank lending and investment below expectations and factory output and retail sales growing only about the same pace as in previous months.
These numbers indicate continued expansion but growth remains unconvincing and the momentum seems to have lost pace in May, say local observers who are getting to understand 2013 will probably not meet forecasts.
This contrasted somewhat to reports out of the US where expectations for May are very much brighter with consumer activity and higher employment driving rising growth.
In Europe, eyes are turning to an important German court case. It could set in motion events that force Germany’s withdrawal from the euro, a leading judge has warned. In response, the ECB has reiterated there is no limit to its bond-buying program, denying a German newspaper report published in the run-up to the court hearing on the scheme.
And in a somewhat bizarre announcement, French President Francois Hollande has declared that the four year old eurozone debt crisis, is over.
Speaking of over, Bill Gross has announced that the long bull run for bonds is now at an end. That means, he thinks investors will face capital losses as interest rates rise.
Gross isn't always right, but he is often right, and he has the cred of having built the world's largest bond fund. Others point out his firm's unofficial motto is 'preach fear, sell security'. Still, a future with rising interest rates seems likely when the US Fed tapers off its stimulus.
Seeming to confirm this, Asian bond markets are seeing capital values declining as interest rates rise. These are very big markets, exceeding US$2.7 trillion and investors face big losses if the trend continues.
The NZ dollar starts today following another very sharp fall on Saturday at 78.7 USc, 83.1 AUc, and the TWI is at 73.7. These are the lowest levels in nearly a year and are due to the combination of a rising US dollar and question marks over China - and therefore Australia.
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