Here's my summary of the key news overnight in 90 seconds at 9 am, including news of much better factory activity.
American manufacturing rebounded in June as orders picked up, while factory reports from Japan to Spain to Italy to the UK pointed to stabilisation in the global economy. Even Australia's factories reported a much better outlook, and has stopped contracting. However two closely watched surveys of Chinese manufacturing activity released yesterday showed that output continued to slow last month.
New Zealand's PMI for June is not due out until the end of next week.
Factory activity around the world may be up, but hiring is not. In the euro-zone, unemployment has been increasing almost without interruption since early 2008, but many are hopeful that a peak is near.
It now at a record 12.2%, and the number of unemployed is on track to reach 20 million by year's end.
In the Middle East, things are looking decidedly dodgy in Egypt however where the military is threatening a coup if things don't improve soon.
In Australia, who had a coup of their own last week, the RBA has another of its monthly official rate reviews today, and markets aren't expecting any change although it is probably a closer call than some think.
The proximity to the election should help restrain policymakers as will their lower currency.
Gold is making a bit of a recovery, and is now up to US$1,255/oz. Oil is higher, and the Dow is rising too, starting the week almost 1% higher and up over the 15,000 mark although it has fallen away in late trade.
US Treasuries are unchanged.
The NZ dollar starts today at 78.1 USc, 84.6 AUc, and the TWI is at 74.0.
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.