Here's my summary of the key news overnight in 90 seconds at 9 am, including news some big reputations are taking a hit.
International auditing firms are in the firing line today. Firstly, it is Deloitte who are facing a £20 million claim in the UK for the way they handled advice in the sale of now-defunct MG-Rover.
And secondly, PwC is facing a much bigger €1 billion claim for the way they handled the audit of a major Irish insurance company.
The IMF has agreed to make its fourth payment to Greece. What is interesting about this is how extended the Greek bailout has become. After four bailout payments so far, the Troika has paid over €5.8 billion of a total promised program of €173 billion. The Germans have the Greeks on a very long string.
The story in China of their economic slowdown is building. It turns out that most of their regions are trailing their growth targets. But the news is not quite as alarming as it may seem, as almost all regions have been set targets well above the national target of 7.5%.
As the northern summer season progresses, there is little to report in the big markets. The Dow and gold are both basically unchanged, although somewhat surprisingly the oil price is soft.
Later this morning we get important local building consent data for June. That will indicate whether the market is responding yet to housing shortages, especially in Auckland.
Also look out for an important payout announcement today or tomorrow from Fonterra. Some analysts are predicting a healthy rise.
The NZ dollar opens at 80.2 USc, 87.2 AUc, and the TWI is at 75.5.
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