90 seconds at 9 am: Good US data but markets yawn; oil refiners slide; tide turns in Indonesia; end nigh for Aussie carmakers; Fonterra stalks AU dairy; NZ$1 = US$0.827 TWI = 76.6

Here's my summary of the key news overnight in 90 seconds at 9 am, including news of markets in a holding pattern.

In the US, despite a larger than expected decrease in the number of people making initial unemployment benefit claims, markets are tracking sideways.

Gold and oil prices are lower, and yields on benchmark UST 10yr bonds are marginally higher at 2.56%.

Of special note however, the Chicago PMI zoomed higher with an amazingly strong result.

And in an interesting aside, the oil majors are taking a hit as margins slide as demand for their refined products falls away. Both Exxon and Shell are seeing profits slide.

On the other side of the world, in Indonesia, things are not so rosy with their Government warning of a slowing outlook.

Fortunately, China's recent credit crunch seems to be waning as their central bank pumps in more liquidity.

In Australia, they are preparing for the end of car manufacturing there. A number of Ministers in the new government think it is inevitable, and the Industry Minister is confirming - from Toyota in Tokyo - that without more subsidies, the manufacturers will close up shop. It will be a difficult and angry transition when it comes, and that seems soon now. A number of Kiwi manufacturers will be affected too.

Staying in Australia, Fonterra is thought to be on the prowl for 10% of Bega Cheese, as the Aussie dairy industry  braces for a series of painful ownership realignments. Bega is currently in a bidding battle for for a rival's business. (Update: Fonterra has confirmed this morning it has bought 6% - so far.)

The NZ dollar starts today at 82.7 USc, 87.3 AUc, and the TWI was at 76.6.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »