Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a coup in Thailand.
But first, previously owned US home purchases increased in April as a bigger supply of properties lured buyers and raised prospects for a stronger spring buying season. The main growth was in the West, especially Texas. It was the first rise this year.
A key gauge of China's factory activity showed signs of stabilising in May, with their HSBC PMI reducing its contraction suggesting their economy was still struggling to gain traction. The result was better than expected however. And China actually added jobs faster than forecast as the move away from manufacturing gathers pace.
In Europe, output is expanding quite strongly despite France falling into contraction and being lower than expected, and in the US factory activity is in even better shape with output rising at its fastest pace in over 3 years along with strong rises in production and payroll growth. The US measure beat expectations. Although slightly higher last week than the one before, the initial claims for US jobless benefits is maintaining a declining track.
American car sales are up 7% in May.
In a dramatic turn in Thailand, the military called a meeting of the rival political groups that have paralysed the country to seek a solution. Once together, they arrested them and took over the country in a coup. It's going to be tough there for a while.
You think our NZ$76 billion government debt is large? Well the British public debt is about to hit £1.27 trillion with interest payments of £1 billion - per week! Their annual interest is more than our whole debt.
Benchmark UST 10 yr bond yields were up again overnight, now at 2.55%. Stocks are rising in New York in late trade. Oil is down and gold is up but still below US$1,300/oz.
On the exchange rate, we start today with the NZ dollar lower at 85.5 USc, at 92.8 AUc and the TWI is now at 79.9.
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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