Here's my summary of the key issues from overnight that affect New Zealand, with news US authorities have moved against FIFA fraud arresting 14 officials, something no other country has been prepared to risk.
In other, economic news, Greece's government said overnight it is starting to draft an agreement with creditors that would pave the way for aid, but European officials quickly dismissed that as wishful thinking.
In fact, for the first time in more than three months the ECB didn't raise the ceiling on Greece's ELA funding access. And outgoing IMF chief economist has said the eurozone will survive fine without Greece.
A 'Grexit' is looking even more likely, but who knows how this giant game of chicken will turn out. The US has warned the EU overnight not to overplay its hand. Greece is scheduled to make four payments to the IMF in June totaling almost €1.6 bln. Borrowing money to pay the groceries is never a good idea - there comes a time that it has to be paid back. All up Greece owes €131 bln.
If you are someone who is worried about "Chinese money distorting our real estate markets" then you have new worries. Yesterday, China said it will relax restrictions to give its retail investors direct access to foreign equity and bond markets. A trial is about to start in six major cities. It is part of the process to deregulate China's capital markets and could herald a new wave of Chinese investment, this time by individuals.
In Australia, an important piece of their Q1 GDP result came out yesterday, construction work completed, and its was weaker than expected, and down more than -8%, year-on-year.
And locally, the big news today will be Fonterra's 2015-16 payout forecast. It may move markets, but remember they have a terrible track record for their early season payout setting; it has often been wildly revised by the end of the season. Yesterday, Westland Dairy set the tone with a raised forecast and a higher advance payment.
In New York, the UST 10yr benchmark yield is unchanged at 2.16%.
The US oil markets are a little lower again today with the US benchmark price now at US$57/barrel again, and Brent crude at US$62/barrel.
The gold price is unchanged at US$1,187/oz.
The New Zealand dollar starts today almost unchanged from this time yesterday at 72.3 US¢, at 93.7 AU¢, and at 66.4 euro cents. The TWI-5 is at 76.8.
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 today is by following our Economic Calendar here »
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