Here's my summary of the key news overnight in 90 seconds at 9 am, including news the Australia-China free trade agreement talks may falter at the finish line.
But first, the ECB reported on its October meeting early this morning. They said a plan to begin buying private-sector assets this month would have a "significant impact" on the eurozone economy, but it left open questions about how big the program would be.
They are targeting a pool of €1 tln, (about NZ$1.6 tln) of securities tied to bank loans, known as asset-backed securities and covered bonds. Analysts expect them to buy about €200 bln but are doubting whether that will be enough to revive bank lending and prevent the eurozone from slipping back into recession.
The euro-centric IMF is warning that we are entering a 'new mediocre era' of low growth for a long time along with heightened risks. Christine Lagarde made the warning as she signaled cuts to the IMF global outlook for 2015.
In Australia, it looks increasingly like they may not end up with their own FTA with China. Unless there are major concessions on farm products the Aussies may walk away from these negotiations, according to reports. If that turns out to be the case, New Zealand's well entrenched deal will become a lasting advantage.
In China, they may have a big trade surplus in goods, but we should also note that they run large deficits in services. In August they had a US$21 bln services deficit, and that compares with their US$49 bln trade surplus.
In the US, new orders for American factory goods posted their biggest decline on record in August, 'payback' for an aircraft-driven jump a month earlier.
Excluding that impact, the data was unchanged.
On Wall Street stocks have moved back into positive territory, although markets are now awaiting tomorrow's American Non-farm Payrolls data release. The pre-cursor ADP series suggests it could be quite good this time.
In fact, the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, a sign their labour market may be tightening.
More impressive is to look past the seasonally adjusted data - these numbers are falling very quickly.
UST 10 yr yields have slipped slightly today to 2.42% reflecting the eurozone concerns. New Zealand swap rates start today at their lowest level since November 2013.
And the oil price fell again and is now under US$91/barrel - at one stage overnight it was below US$90 - with the Brent price under US$93/barrel. The Saudis have decided to defend their market share against Iran and Iraq, and Nigerian oil that used to go to the US needs to find new buyers now that surging US output has made them an exporter. Russia is awash in oil too. Supply is overwhelming the slowing growth in demand.
Gold has had a small fall to US$1,213/oz.
We start today with our currency still unmoved by the dairy auction. In fact, if anything, there is a bit of a rebound going on. The NZD now up to 78.8 USc - that's a rise of almost 1c overnight - at 89.6 AUc, and the TWI is at 76.7. Markets are looking past the WMP price.
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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