Here's my summary of the key news overnight in 90 seconds at 9 am, including news China is thinking about joining the Trans Pacific Partnership negotiations.
But first in the US, sales of new single-family houses in May 2014 were at the annual rate of 504,000. This is almost 19% above the revised April 2014 estimate of 425,000 and far higher than markets were expecting. And the 4.5 month supply was a sharp decrease from the 5.5 months supply at the end of March. Volumes may be rising, but price rises are slowing. And maybe that will help make their recovery more sustainable.
One reason for these housing improvements might be that American consumer confidence is higher than expected; in fact it is now at its highest level since January 2008. Still, that is not a very high standard - there are big improvements over a low base and one that has been low for a long time.
There was also a release yesterday of Australian consumer confidence and that is picking up too after its dramatic fall to below 100 when the Aussie budget was released. By consumers there are still averse to spending.
Staying in Australia, their meteorologists are starting to backtrack on their claim that a major El Nino event is coming. They are now saying there is an "absence of the necessary atmospheric response". They still reckon it is on the way, but the evidence seems to be less certain.
On the world trade negotiation front, the Trans Pacific Partnership talks may be struggling with its Japan aspects, but a key official in China now says that they should join the negotiations. He sees at least 2% additional growth for China if they were part of a successful round. Key TPP decisions will come later this year, after US elections.
The UST 10yr yields are at 2.61% today, gold has inched higher to $1,320/oz, which the price of oil has fallen slightly in the US and flatlined in the Brent benchmark. Stocks in New York have given up their run at the 2000 index level and are down in afternoon trade.
We start today with the NZ dollar still very high and with little change overnight. We are at 86.9 USc, 92.6 AUc and the TWI is at 80.9.
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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