Here's my summary of the key news overnight in 90 seconds at 9 am, including news of stronger US data.
American consumer spending recorded its largest gain in more than 4½ years in March and factory activity expanded strongly last month, although last week applications for US unemployment benefits unexpectedly climbed to a nine-week high.
However, yesterday's ADP jobs report, the precursor to tomorrow's important non-farm payrolls report, showed strong jobs gains in April.
The picture is one of the US economy shrugging off the unexpected stall in the March quarter.
Are we about to see the first criminal charges against big banks?
American prosecutors are close to filing criminal charges against BNP Paribas for allegedly skirting economic sanctions against Iran, and against Credit Suisse for allegedly helping clients avoid taxes.
China's official PMI for April was better than March's, but only by a tiny degree and less than expected. The result barely registered expansion.
China's manufacturing sector is facing real challenges.
By the way, thinking of buying an electric or hybrid car? Just know that you will be adding to the Chinese air pollution problem in a particularly corrosive way.
It's a public holiday in China today.
In late afternoon trade in New York, markets are down. Equities are slightly lower, oil and gold are down - gold's down to US$1,285/oz - and UST 10 yr benchmark bond yields are down sharply again, now at 2.61%.
We start today with the NZ dollar up again, now at 86.3 USc, also up against the Aussie at 93.0 AUc and the TWI is just a fraction under 80.2.
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 »
Daily exchange rates
Select chart tabs
3 Comments
And how far down the Austerity route will Australia go.
http://www.theguardian.com/world/2014/may/01/commission-of-audit
David Chaston: can I draw your attention to the US employment data
ADP private payrolls released Wednesday US time 12:15 am Thursday NZ time
NJC new jobless claims released Thursday US time 12:15 am Friday NZ time
NFP non farm payrolls released Friday US time 12:15 am Saturday NZ time
The "strong jobs growth" you refer to is yesterdays ADP data and has now been superseded by 24 hours by the NJC which is available was not good
Could I also draw your attention to another fact ...please.
This is another source in todays data, so manipulated to be almost irrelevent and meaningless.
This below link today, is what they mean by being employed, in the UK.
Is this also a factor in the USA figures?.
If you want facts, then we have to get them straight, so there is no...missunderstanding.
http://www.theguardian.com/news/datablog/2014/apr/30/new-data-on-zero-h…
I would not bet my pension rights, on this form of contract. Would you.?
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.