Here's my summary of the key news over the weekend with news that China is suddenly starting to spend up big on stimulus projects.
But first, the important non-farm payrolls report out Saturday morning showed that the US economy added just 214,000 jobs in October, while the unemployment rate fell to 5.8%. (NZ is at 5.4%, Australia at 6.2%.) That jobs growth number was well below expectations and markets were unimpressed, frustrated that this shows momentum is slowing in the giant American economy.
Annual growth in China's exports and imports slowed as well in October, data showed on Saturday, reinforcing signs of fragility in the world's second-largest economy. That is prompting policymakers to roll out more stimulus measures.
Exports were up +11.6% year-on-year and imports up just +4.6% with neither number impressing observers. The September rise in exports was +15.3% and for imports it was +7.0%.
China approved more than US$100 billion worth of infrastructure projects in late October and early November, state media said on Saturday. Significant action is being taken suddenly to bolster slowing growth in the world's second largest economy.
China will also spend US$40 billion to set up a Silk Road infrastructure fund to boost connections across Asia.
In Australia, banks are well enough capitalised to withstand a severe shock to their economy, but poorly prepared to recover from a financial crisis. That's the view of their regulator APRA.
In New York, UST 10yr bond yields took a steep dive on Friday to end the week at 2.30% following the lower-than-expected American employment levels.
The oil price was unchanged at the end of the week holding at its new lower levels at just over US$78/barrel with the Brent price just over US$83/barrel.
The gold price jumped more than $25 to US$1,170/oz.
The NZ dollar also gained a little at the end of trading in New York on Saturday and we start the week at 77.5 USc, at 89.9 AUc, and the TWI at 76.8.
If you want to catch up with all the changes on Friday 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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