Here's my summary of the key news overnight with news there are headlines over the Russian invasion of eastern Ukraine and that is seriously unsettling global financial markets, although may are still trying to work out the severity of the incursion.
Nato said that Russian forces have invaded, albeit somewhat anonymously. The UN Security Council is in an emergency session. Risk aversion is high on the agenda now, especially in Europe. The NZD has risen sharply.
Overnight, it was announced that American, British and Swiss regulators have fined some of the world’s biggest banks a combined US$4.3 bln for a conspiracy to manipulate currency markets. The fines come as regulators are increasingly targeting a business culture in the financial industry that they say encourages improper conduct by its employees.
Traders worked together to 'whack' the market, called themselves a 'cartell' and congratulated each other for a job well done, according to transcripts released by the regulators today.
These banks - UBS, HSBC, RBS, JPMorgan Chase, Bank of America and Citigroup - could still face criminal charges in the matter. Barclays is still under investigation.
In Australia, consumer confidence has improved marginally in November, but has nevertheless clocked up the longest bout of pessimism since the global financial crisis, the latest Westpac MI survey shows. They also said the prospects for Aussie retailers this Christmas were "disturbing", with 38% of respondents saying they would spend less this holiday season.
In New York, UST 10yr bond yields fell marginally and are now at 2.32%.
The oil price slipped slightly again today although it is still at US$77/barrel with the Brent price at US$81/barrel, a four year low. These low prices will have investment consequences. Investment in US shale oilfields will fall by 10% next year – and result in a decline in production – if the oil price continues to hover around US$80 a barrel, the IEA has warned overnight.
The gold price is also basically unchanged at US$1,161/oz. It was announced that the traditional London gold fix will end at the end of this year to be replaced by electronic trading and run by an American company that owns the New York Stock Exchange. This follows the closing of silver trading in London, to be handled in future by a Chicago company.
The NZ dollar has risen quite noticeably overnight and against all-comers and is now at 78.9 USc, at 90.4 AUc, and the TWI at 78.1. Against the yen, the gains are even more and we are over 91.
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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