Here's my summary of the key news overnight in 90 seconds at 9 am, including news of more economic divergence with Australia.
But first, American wholesale inventories rose more than expected in January, as companies built up stocks of cars and machinery, though wholesale sales posted their largest decline in nearly five years. This data is a key component of US GDP.
Overnight China set a course to free up bank deposit interest rates within two years and it also took tentative steps to boost banking-system competition.
In Europe, the ECB is getting ready for a rate review in the shadow of low growth and deflation pressures. Both the IMF and OECD are calling for the ECB to cut rates, raise its stimulus activity, or both.
Across the ditch, Australian business conditions slumped in February after rising to almost three-year highs at the start of the year, as sales and employment indicators weakened amid the soft jobs market; that's according to the latest NAB survey. A Westpac consumer sentiment survey is due out today and that is expected to show a fall too.
The Aussie dollar is taking a bit of a pounding this morning, and is now below 90 USc, down ½ in the past two hours and 1½ USc since Monday. The slumping iron ore price isn't helping.
UST 10 year bond rates jumped overnight to 2.79%, benchmark US oil prices have fallen below US$100/barrel, and gold is still below US$1,340/oz. The New York equity markets have given up some early gains and are now lower.
Our TWI is at another record high of 79.4 with the NZ dollar at 84.7 USc, 94.3 AUc and 87.2 yen.
If you want to catch up with all the changes yesterday, we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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1 Comments
AUD Thumped , about time , those blokes have it too good for far too long .
The problem for us is that the traditionally weaker Kiwi$ has made us complacent when exporting to the land of OZ .
Margins for NZ exporters are going to narrow .
We are going to need to be very agile and flexible to maintain market share for our products over there .
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