Here's my summary of the key news overnight in 90 seconds at 9 am, including some big news from Australia.
The announcement late yesterday that Toyota will stop making cars and engines in Australia in 2017 means the A$21 billion a year car manufacturing industry will be shut down completely given that Ford and Holden have made similar decisions. 50,000 jobs are involved, although some say it could be as high as 100,000.
It also means the Aussie government will save millions in subsidy support - A$492 million over the past four years for Toyota alone. Since 1997 the Aussie taxpayer has subsidised the industry to the tune of about A$30 billion.
And it means many skilled workers will be redirected in their economy away from import substitution and a failed industry.
Productivity should improve.
Aussies will now pay much less for their cars - probably about what we pay here. Their used car market values however will take a big one-time hit.
The decision has had virtually zero impact on the Aussie exchange rate.
Gold continues its New Year rally and is now up to US$1,275/oz - demand from China is booming - oil prices are unchanged - US up, Brent down - and the UST benchmark 10 yr bond yields are at 2.68%, down slightly. In mid-day trade, New York equities are almost unchanged. Investors are awaiting Janet Yellen's first Congressional testimony.
The NZ dollar is also pretty much unchanged as it starts today at 82.7 USc, 92.5 AUc and the TWI is now at 77.9.
If you want to catch up with all the changes on Friday, 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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