Here's my summary of the key news overnight in 90 seconds at 9 am, including news that the first signs of Spring are having an economic effect.
In the US, sales of new single-family homes fell more than expected in December, as did new residential construction, but the exceptionally hard cold weather no doubt contributed to these December data. On the other hand, the latest US PMI readings of services activity were bullish, and especially the 'expectations' component.
Also bullish is bellwether construction equipment maker Caterpillar who is reporting strong profit forecasts.
The emerging market squeeze rolls on, although it is becoming clearer neither the US nor Europe expect these pressures to derail their 'progress'. The Turkish central bank has called an emergency meeting of its monetary policy committee for later today following a sharp fall in the value of the country's currency. China, however, is feeling the sting.
Sony's credit rating is now rated as 'junk' by Moody's, in a sign of shifting fortunes. Japan may be making progress in other areas of its economy, but its trade balance is not one of them. Energy imports, in the wake of its nuclear shutdown, are still straining its economy. Its the volume, rather than the price that is weighing on them.
The flip side of rapid urbanisation in China is occurring this week. It is Spring Festival in China - Chinese Lunar New Year - when families get together to celebrate, and that means the number of people traveling in the country will top 100 million per day for the next week - an enormous migration, and a strain on the short-term cash and currency needs of the country.
Back in the US, with the worst of the cold weather probably behind them, gas and oil prices are declining, as is the Brent benchmark.
The UST 10 year bond benchmark yield is staying low at 2.73% this morning.
The NZ dollar starts today also drifting down from yesterday's lower levels at 82.2 USc, 94.1 AUc and the TWI is at 77.7.
According to the latest update of the Big Mac Index, the NZD seems priced about right.
If you want to catch up with all the changes on Monday, we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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