Here's my summary of the key news today in 90 seconds at 9 am, including news factories are humming worldwide.
Global manufacturing activity increased at its fastest pace in over two years last month on a surge in new orders that led factories to take on more staff, according to a report released overnight.
This international summary PMI Index rose to 52.1 from September's 51.8, and caps a string of 11 straight months of growth and is the highest reading since May 2011.
In the US however, factory orders came in slightly less than the big increase expected. It was still a good rise - up to be just touching on half a trillion US dollars for the month - but it missed expectations.
Most major market indexes are in a holding pattern this morning. US equities are generally higher, gold and oil are unchanged, and UST 10 yr benchmark bonds are under 2.60%. Most industrial metals are falling however.
In China, Communist Party leaders will enter a policy-making summit this week with the economy on an upswing, services and manufacturing surveys show.
But the squeeze is on for many Chinese export firms as costs and competition rises, and now that officials no longer fear US policy makers, we have seen a noticeable devaluation in the Chinese currency in the past few days.
Later today, under cover of the Melbourne Cup, the RBA will review its interest rate settings. No-one really expects any change at this time, although this has occasionally been the time the RBA surprises markets.
One major analyst thinks the next change there is down.
Later this morning we will get the Barfoot Auckland real estate results - and we are picking a very strong result, meaning a real spring surge in sales volumes. We'll see.
The NZ dollar starts the week at 82.8 USc, 87.1 AUc, and the TWI was at 76.9.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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1 Comments
Infinite growth is possible ..... not only possible , but actualy occurring right before our eyes ....
...XERO has cracked the $ 4 billion market capitalisation , and rocketed past stodgy old Telecom , to become the 4'th " largest " company on the NZX ! ... the SP closed at $ 33.15 ( after an inerday high of $ 33.90 ) , $ 3 up for the day ...
It seems that American investors can't get enough of this stock , and forsee a time when it's sitting atop $ 10 billion in capitalisation ....
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