Here's my summary of the key news overnight in 90 seconds at 9 am, including news from around the world.
Firstly, there was something of a surprise from Japan late yesterday. Their first quarter growth easily beat initial estimates on an unexpected surge in capital spending, fresh signs the world's third-biggest economy is in better shape to get through the bumps from the rise in their GST recently.
In the world's second largest economy, the Peoples Bank of China overnight announced plans to let some regional banks lend more of their deposits in a move designed to give their sluggish economy a boost.
It's part of a concerted move by their biggest economic agencies for so-called mini-stimulus measures.
Their currency was also allowed to make a sizeable gain against the US dollar although it is not so major against the New Zealand currency.
In India, their new government has announced a program of rapid economic reform aimed at creating jobs and boosting foreign investment. It includes a Chinese-style infrastructure building program and should make a big difference to a long-neglected part of India's modernisation.
And locally, new data released late yesterday shows how successful our rural industries have become. Primary sector exports will reach record levels of $37.7 bln around $1.3 bln more than previously forecast. Meat, wool, logs and horticulture are all generating significant growth at a time when all eyes are on dairy's spectacular story.
In New York, UST 10 yr bond yields rose again to 2.61% in trade earlier today. Stocks are holding on to their highs and the oil price is rising with the good economic mood and is now over US$104/bbl. Gold is unchanged.
On the exchange rate the NZD has fallen overnight following a rise in the US dollar. It starts today at 84.8 USc, at 90.7 AUc and the TWI is at 79.1.
If you want to catch up with all the changes from 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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