Here's my summary of the key issues from overnight that affect New Zealand, with news of the Greek crisis intensifying.
Greek government bonds have plunged, shaken by yet another downgrade and growing expectations the country will be forced into a default. The IMF says it no longer supports more extensions to Greece's debt repayment schedule. Time is tight and the pressure is on Greece.
Four leading German economic institutes have raised their growth forecast for Germany's economy, because of falling oil prices and a weak euro. The country's economy is expected to grow by +2.1% this year.
US housing starts rose far less than expected in March, and were -4.6% lower than the same month last year. This suggests the US economy could struggle to rebound from a soft patch hit in the first quarter.Furthermore, jobless claims rose unexpectedly last week.
OPEC has joined other major energy forecasters, saying an imminent fall in US oil production will see the US oil boom end this year. In fact, the Brent Crude benchmark jumped today.
In Australia ANZ has revealed it will pay $30 mln in compensation to thousands of financial advice customers who didn't receive the advice they paid for. This has re-ignited calls for a royal commission into the sector. Reports of tension between ANZ's CEO, Mike Smith, and the bank's chairman, indicate this could be the last straw for Smith.
UST 10yr yields rose earlier today to 1.93%.
The US oil price has remains at US$57/barrel, while Brent crude rose to US$64/barrel.
The gold price has eased back to US$1,198/oz.
The New Zealand dollar in the stratosphere again. It rose nearly a cent overnight, reaching 76.9US¢, the highest it's been against the US since mid-January. The dollar weaken slightly against the Australian, sitting at 98.4 AU¢. It reached a new record against the Euro, at a whopping 71.3 €c. The TWI is the highest it's been since July 2014, at 81.5.
If you want to catch up with all the local changes yesterday, we have an update here.
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