Here's my summary of the key issues from overnight that affect New Zealand, with news of some very major changes overnight, none of which involve Greece.
American consumer confidence unexpectedly slumped in April, according to a widely respected survey released overnight. This has unsettled markets mainly because of the size of the fall which retraced all the prior month's gain, and more.
At the same time, the same group released its leading indicator survey for Australia and that showed gains. Small ones, true, but gains none-the-less.
The effect on currency markets has been direct. The US dollar has fallen, the Aussie has risen. And that has shifted relationships for the Kiwi dollar. We are now at our highest level against the greenback, the Chinese Yuan and the Japanese yen in three months, our lowest against the Australian dollar in six weeks.
Back in the US, their homeownership rate has slipped to a 25-year low, but continued strong gains in the rate which Americans are establishing households supported the view that the housing sector will boost their economic growth this year.
In China, rumours that the People's Bank of China is planning to boost liquidity have sparked speculation that China may start its own new quantitative easing program. The Shanghai stock market went crazy on the suggestion, rising +3% yesterday.
In Australia, an interesting property financing development has been reported. Diversified property group Mirvac has teamed up with online funder VentureCrowd on a new investment platform that could challenge the role of banks in financing new developments. Mirvac's use of techniques such as P2P or crowd funding is likely to give those sectors a turbo-boost given the heft Mirvac can bring to the concepts. It has the ability to be a game-changer for everyone involved, including banks who could be the big losers.
Back in New York, the UST 10yr benchmark yield is marginally higher today at 1.95%.
The US oil price remains at about US$57/barrel, while Brent crude is also stable at US$65/barrel in trading today.
The gold price is another key commodity with an unchanged price today, still at US$1,205/oz.
As we noted earlier, the New Zealand dollar starts today rising again. It is at 77.3 US¢, which is up almost +1c from where it was this time yesterday, at 96.4 AU¢ which is almost -1c lower, and 70.3 euro cents. The TWI is at 80.9.
If you want to catch up with all the local changes yesterday, we have an update here.
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