Here's my summary of the key news overnight in 90 seconds at 9 am, including news that trade success brings out the critics.
Germany is now under review by the European Commission to see if its international trade surplus is hampering Europe's economic recovery. Criticism of Germany is not only coming from other EU members but from within as well.
The recovery in the UK seems to be stronger than has been expected, and the Bank of England may move to raise the UK's main interest rate nine months earlier than previously anticipated, officials from the central bank said when they were reviewing their inflation prospects, sending the British pound sharply higher.
In the US there is growing expectation that the Fed's QE tapering will happen sooner rather than later. Dallas Federal Reserve president Richard Fisher has commented overnight that data from the private sector “have been on a cumulative basis positive” and the Fed's QE program “cannot go on forever”.
These sorts of comments have seem markets hesitate in the past, worried about the lack of easy money. But today, equity markets are up in mid-day trade. Oil is higher, especially in Europe, on the threat to supplies from instability in Libya.
There are reports that the Chinese government is looking to seize the overseas assets of corrupt officials, as part of a worldwide campaign to retrieve some of the $US3.6 trillion estimated to have been taken overseas since 2010. No doubt there could be a rub-off effect here too.
Unrelated, Kevin Rudd has announced that he is quitting politics in Australia.
And still in Australia, the bidding for dairy company WCB is heating up as local competitor Murray Goulburn has topped others' bids late yesterday.
The NZ dollar starts today at 82.6 USc, 88.5 AUc, and the TWI is at 77.1
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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