Here's my summary of the key news overnight in 90 seconds at 9 am, including news it was a star turn for the US economy overnight.
American economic growth was revised higher for Q2 to 2.5% annual rate.
A jump was expected from the initially reported 1.7%, but not this high. Although it was 'only' for the June quarter, data out in the past two months has given every indication that there has probably been a pick-up from there.
However, it seems unlikely the Q3 number will be as impressive and Q3 last year was very strong.
What does this mean for the Fed and its planned tapering of bond purchases? The US economy is growing faster than thought - even absorbing the Federal sequestering pressures - and so it will give them reason to go earlier than otherwise.
Markets seem to be factoring that expectation in and remains wary of tapering. The Dow is falling today, oil is winding back its Syria gains, and gold fell.
The latest initial jobless claims weekly data shows the expected drop.
This growth may be fast-narrowing the US Federal deficit, but that debt is still growing. And yet another debt-limit debate is about to start in Congress as it is projected the US will reach its US$16.7 trillion limit in October.
US Treasury yields rose on the GDP data. The 10 year now yields almost 2.8% and some are predicting 3.1% by years end. But rising Treasury yields won't help that Federal deficit. Each 0.1% rise will cost them US$16.7 billion a year.
Overnight Indonesia raised its main policy rate by a 0.5% to 5.25%, reflecting a growing realisation that defending the rupiah is a more pressing need than maintaining rapid economic growth, which this year may fall below 6%. Inflation in Indonesia is running at over 9%.
The Indonesian move follows Brazil; it wasn't that long ago Brazil was complaining its currency was too high - now its made policy moves to raise it.
Today we get important building consent data updates. And we get a look at the July growth in the credit markets, especially the housing market.
The NZ dollar ends the month down 2.7% from a month ago at 77.7 USc, 87.1 AUc, and the TWI is 73.7.
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