Here's my summary of the key news today in 90 seconds at 9 am, including news that markets are agog at the spectacular Twitter float this morning.
After the experts priced it at US$26/share, it has burst higher and is now at US$45/share. Xero-like!
However, the overall markets are lower in mid afternoon trade after big economy news out of both Europe and the US.
Euro-area government bonds surged, led by Italian and Spanish securities, after the European Central Bank unexpectedly cut its benchmark interest rate to a record low 0.25%, boosting demand for fixed-income assets. The British left theirs unchanged at 0.5%.
In the US, the first reading of their September GDP shows it significantly higher - at an annual rate of 2.8% and up from 2.5% growth in the June quarter - this is more than the 2.0% everyone was expecting.
But a closer reading shows that it was pumped up by restocking rather than consumer demand, and that slowing consumer demand indicates a loss of momentum in the American economy. And based on that, the US Fed is unlikely to taper its bond purchases any earlier.
In Australia, employers there cut full-time workers in October by the most in more than a year, sending the Aussie currency lower. Still, their unemployment rate at 5.7% is lower than ours at 6.2%.
Staying in Australia, their federal government is now expected to bring in a budget deficit for this financial year of around AU$45 billion, 50% higher that what was indicated during their election campaign, and about 2.9% of GDP.
The NZ dollar starts today at 83.5 USc, 88.2 AUc, and the TWI was at 77.7.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.