Here's my summary of the key news overnight in 90 seconds at 9 am, including news of plunging bond yields.
But first, the US Congressional Budget Office has said the American Federal budget deficit will narrow more than forecast this year and fall to -2.9% of GDP, its lowest level since 2007.
They also say the results are very likely to be better again next year.
In Europe, IMF boss Christine Lagarde, one of the world's most powerful women, has been charged with "negligence" over a multi-million-euro graft case relating to her time as French finance minister.
She has dismissed it as a "simple negligence" mistake - apparently that is ok for a banker and regulator.
In China, their agricultural production is growing much faster than they can consume, especially of grains. Its a remarkable story, and the excesses are keeping prices low worldwide. It's also a story of subsidies.
Yesterday's announcement by Fonterra of renewed deep links in China in the baby formula market has also captured international attention and is being regarded as a big deal, a 'game changer' as the company has said.
Euro zone government bond yields fell to record lows overnight and the euro fell to its weakest in a year against the US dollar on expectations the ECB will soon move with a big QE program to counter the low growth and sinking inflation plaguing the region. The active invasion of parts of eastern Ukraine by Russian forces is also behind the drive for safety.
UST 10yr benchmark bond yields fell yet again today and are now at only 2.37%.
New Zealand swap rates have also fallen and flattened and are now at similar levels at the 5 year term to what they were a year ago.
The US oil price remains basically unchanged at just over US$93/barrel. Brent is also basically unchanged at just over US$102/barrel. Gold had a small fall overnight and is now at US$1,282/oz.
We start today on the currency front with some small gains overnight from where we ended yesterday. We are now just above 83.7 USc, 89.7 AUc, and the TWI is at 79.0.
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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