Here's my summary of the key issues from overnight that affect New Zealand, with news from Europe today.
In Europe, the ECB has begun its long-awaited bond buying plan, lifting the price of government debt and upping the pressure on private investors to take on greater risks in search of returns. Yields are falling in Europe.
The head of euro zone finance ministers urged Greece on Monday to "stop wasting time" and buckle down to serious talks on implementing a reform program to secure urgently needed fresh funds from its international creditors.
German factory output rose but exports fell by the largest amount in five months in January, dropping more than forecast and putting a slight damper on the outlook for Europe's largest economy, though economists said the weakening euro and cheaper oil would help in the months ahead.
In Australia, former Treasurer Paul Keating has slammed the idea of dipping into retirement savings for a first home purchase. He says its a bad idea, "certainly not an innovation and is not responsible enough even to be considered a thought bubble". Consider yourself 'told'.
If you have a few minutes today, this FT piece is worth a read - about what Fed members think of Chinese data and Chinese policy positions.
The UST 10yr yields had a -5 bps correction in New York earlier today and are now at 2.20%. Local wholesale rates raced higher yesterday and steepened sharply. But going against this rising trend is local minnow bank SBS who this morning announced a 'special' 4.99% five year fixed home loan rate. If wholesale rates keep rising, it probably won't be in the market long at that rate.
The crude oil price was fairly stable overnight and is now just on US$50/barrel and the Brent crude price is now at US$59/barrel.
The gold price is also basically unchanged at US$1,166/oz.
The New Zealand dollar starts today holding at its new lower level against the US dollar at 73.6 US¢, at 95.5 AU¢, and the TWI is down to 78.3.
If you want to catch up with all the local changes yesterday, we have an update here.
The easiest place to stay up with event risk is by following our Economic Calendar here »
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