Here's my summary of the key news overnight in 90 seconds at 9 am, including news there could be a bit of event risk today.
Banks face being hit with a new set of international capital rules aimed at forcing bondholders rather than taxpayers to bail out failing institutions. The FT is reporting that global regulators are seeking support from G20 world leaders on proposals to force banks to hold a minimum amount of debt that can be "bailed in" if a bank collapses.
Construction spending in the US increased in July to the highest level in four years, propelled by gains in residential real estate. That residential sector grew by a remarkable +16.8%; however the private sector growth was higher again. In fact, construction on multi-family units were up almost 40% year-on-year.
The American ISM factory survey came in better than expected too, with new orders and pricing components impressing observers.
Australia’s central bank left its benchmark interest rate unchanged and omitted a reference to scope for more easing; that sent the Aussie dollar higher.
We get the Q2 data today for Australian GDP, and no-one is sure what that will show. Markets suggest they expect a level-pegging outcome. We'll see at 1:30pm today.
Overnight, the latest Fonterra auction saw 53,000 tonnes of product sold for 1.1% less than two weeks ago. But in NZ dollars there was a 1.3% gain as our currency has weakened over that time.
A few days ago, the NZ Government put up 8,000 km2 for exploration for gold in the BOP and Waikato. This is hard on the heals of its huge 190,000 km2 tender to explore for oil and gas in the Southern Ocean. There has been surprisingly good interest in these bids which must be lodged by September 26. A big gas field off Canterbury is the most likely prospect.
Syria tensions are rising. New strikes have been called in South African gold mines. Oil and gold prices are up strongly, and the Dow is down from it's opening after the long US holiday weekend, although higher than its close last week.
The NZ dollar starts today at 77.9 USc, down half a cent against the Aussie at 86.1 AUc, and the TWI is 73.9.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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