90 seconds at 9 am: American holiday retail up 2.3%, China PMI 51.4, Japan CPI up 0.9%, Aust high LVR lending juices house prices; NZ$1 = US$0.813 TWI = 76.5

Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a modest start to the end-of-year holiday sales season.

American retailers posted a small 2.3% sales gain on Thanksgiving and Black Friday, in line with a prediction for the weakest holiday results since 2009.

Foot traffic into stores was down, but online sales were up. Amazon reported new records. American holiday retailing is important because it drives so much of international trade.

Chinese manufacturing growth beat analyst estimates in November, indicating the nation’s economic recovery is sustaining momentum amid government efforts to rein in credit growth. This PMI was 51.4, the same as for October.

This one is the 'official' government measure, the one with the biggest survey; we get the HSBC flash one, for smaller enterprises later today.

Consumer prices in Japan rose at the fastest pace in five years in October, suggesting the Abe Government's' attempts to end years of deflation are working.

Still, the rise was modest - less than 1% year on year - but observers say they are on track for 2% annual rises in the next few years.

In Australia, the APRA data for September shows clearly that the big bank mortgage lenders are making many more high LVR loans, pushing them to the highest level since mid 2009. Low interest rates and loose lending standards have pushed their major centre real estate markets into a frenzy.

Later today, we should get the realestate.co.nz November listing price data which will give another fix on how our housing market is traveling

The NZ dollar starts the week at 81.3 USc, 89.6 AUc, and the TWI is at 76.5.

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