Here's my summary of the key news overnight with news about global financial stability
The big international banks may have to scrap dividends and rein in bonuses if they breach new rules designed to ensure that creditors rather than taxpayers pick up the bill when big lenders collapse.
These banks will have to hold 16%-20% of their risk-weighted assets in equity and cancelable debt to shield taxpayers from big bills for bailing out failed banks during a crisis, according to a plan by global regulators released overnight.
It is probably an unintended consequence, but these strength and stability measures lock in the status of these banks making them immune to competitive challenge. A better strategy would be to break them up into smaller, less risky pieces. But instead regulators seem to be going the other way, reinforcing their dominance.
The New Zealand assessment of financial stability will be released by the RBNZ tomorrow morning.
In China, producer prices are continuing their relentless decline. While consumer prices are low and stable, producer prices are strongly deflationary, with prices falling -2.2% in October.
The Russian central bank said overnight it had abandoned defending the rouble, allowing the currency to float freely.
The Russian currency has fallen more than 30% so far this year on geopolitical risks and the declining oil price.
The Australians now believe they are about to get as good a dairy deal as New Zealand in their impending free trade negotiations with China - or even better.
In New York, UST 10yr bond yields are little changed at 2.32% following Friday's fall.
The oil price slipped slightly today and is now under US$78/barrel with the Brent price under US$83/barrel.
The gold price also fell and is now at US$1,159/oz.
The NZ dollar has held its own overnight and is now at 77.6 USc, at 90.0 AUc, and the TWI at 77.
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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