Here's my summary of the key news overnight in 90 seconds at 9 am, including more news from emerging markets.
Their recent turmoil is quieting somewhat, although overnight India's central bank raised its key lending rate to 8%, reinforcing its resolve to fight rising prices even as their economic growth slows.
And Turkey's central bank gave a strong signal that it would significantly tighten policy to stop a month-long plunge in their currency, the lira.
The Chinese Luna New Year holiday period is having its usual global impact on trade as iron ore shipments grind to a trickle. The cost of shipping is dropping. The Baltic Dry index is weakening, but this year it has been accentuated by new environmental rules in Colombia that have prevented most of their coal exports from leaving and causing a sudden - and unexpected - hole in shipping demand.
Tomorrow the US Fed and our own RBNZ are reviewing rates, but neither is currently caught up in the same issues.
The British economy expanded by 0.7% in the fourth quarter, ending the best year since 2007 amid growth in every industry except construction. It was up 1.9% in 2013.
US stocks gained as foreign markets stabilised and investors awaited word from a two-day Federal Reserve policy meeting that actually began today and reports on decisions tomorrow.
American durable goods orders came in surprising low in December. Lower defense orders were a big reason for that decline. However, the latest US consumer confidence index was up much more than was expected.
US and Brent oil gained back some of their losses yesterday, while the UST benchmark 10yr yields are still falling, now down to 2.76%. Gold is off yesterday's highs and now at US$1,258/oz.
The NZ dollar starts today a little higher from yesterday's levels at 82.6 USc, 94.1 AUc and the TWI is at 78.1.
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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