Here's my summary of the key news overnight in 90 seconds at 9 am, including news of new food commodity volatility.
But firstly in the US, confidence in the newly built, single-family home market rose for the third consecutive month to its highest level since January. This result was above expectations.
This was a small piece of data that helped propel the Wall Street stock indexes sharply higher on the day, boosted by the easing of geopolitical tensions. Risk on again.
Months of good weather have fueled expectations for a corn crop so large that mountains of it will be a common sight across the US Midwest after the harvest, which starts next month. This will become cheap feed for beef and dairy operations in America, and cause ripples worldwide.
China however has the opposite issues. Confidence is down in their new-home market and food security issues are rising.
In Europe, they are scrambling over the impacts of Russia's sanctions of their fresh food exports. In the traditional EU way, subsidies and compensation will be paid to farmers for sales they can't make. Expect the usual rorts, waste and distortion.
In New York, auditing firm PwC has been fined US$25 million for sanitising the audit reports of a Japanese bank over its involvement in sanction-breaking and money laundering.
And closer to home, hard on the heals of strong warnings by regulators about the risks of such products - especially to retail investors - CBA is launching a huge A$2 billion bank hybrid tier 1 capital offer. Don't get tempted.
UST 10yr benchmark bond yields rose slightly today from Friday's very low level and are now at 2.38% - but still unusually low.
The US oil price fell and is now at US$96.50/barrel. Brent is down as well and now under US$102/barrel. Gold also fell - about another US$7/oz - and is now at US$1,298/oz. Commodities are taking a pounding and that does not auger well for tomorrow's dairy auction.
We start today with our currency marginally lower at 84.8 USc, 90.9 AUc, and the TWI is at 79.5.
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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