Here's my summary of the key news overnight to keep you up-to-date over these holidays.
The global service sector continued to expand at a solid clip during December. Although a key global measure edged lower to 53.6 in December, from 53.8 in November, the pace of growth remained elevated. The fastest rates of output expansion were signaled in Ireland, the UK and the US.
Growth accelerated in Japan, Spain, Russia, Ireland, but slowed in the US, Germany, the UK, China, Brazil and Hong Kong.
In contrast, Australia, France, Italy and India registered continued contractions in business activity. (We don't get the NZ services data until later next week, but it is expected to show expansion.)
In China, their banking regulator announced yesterday they will set up three to five fully private banks on a trial basis this year in a bid to further open up the banking sector to domestic and foreign capital.
They are also about to announce a new tolerance for their shadow banking sector - they have decided to try and bring it into the mainstream with new regulations. They seem to want fewer, bigger institutions on the grounds they will be easier to regulate. These Chinese institutions will be enormous. You do wonder if they realise the real risks they are creating by making systemically critical institutions.
The rest of the world is just now getting control and putting some distance between their's.
Today we expect the final, formal confirmation of Janet Yellen as the new Fed boss.
US and Brent benchmark oil prices are down further today, while the price of gold is holding at about US$1,240/oz - but in NZ dollars, that is a decline.
It does seem odd that oil and gas prices - including heating oil prices - should be falling while the northern hemisphere is going through a very cold patch of weather.
The New York equities markets are off their highs, back to the levels seen just before Christmas.
Another area where a gap is opening between NZ and Australia is in car sales. Our are booming while sales by the Aussie local manufacturers are really struggling; a brutal lesson in the consequences of protectionism.
The NZ dollar starts today higher at 83.0 USc, 92.6 AUc, and the TWI is at 78.4.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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