Here's my summary of the key issues from overnight that affect New Zealand, with news that dairy prices fell yet again overnight.
This time in the latest dairy auction they fell -4.3% in US dollar terms, down -2.2% in New Zealand dollar terms.
That is the sixth consecutive fall and prices are now -38% lower than this time last year (-27% lower in NZ dollar terms).
This is now the lowest these prices have been in US dollars in almost six years, although in NZ dollar terms they are only a 2015 low.
The uptick in prices, long forecast, seems as far away as ever.
In the US, new orders for factory goods fell in April as demand for transportation equipment and other goods weakened. But the May data on car sales was surprisingly strong, suggesting a stronger track for the American economy.
In China, their steel industry continues to weaken.
In Europe, inflation is rising - albeit very slowly. May prices edged up +0.9% excluding food and energy, up +0.3% including those items. That was above expectations and the highest rate in a year.
And Greece's creditors are close to finishing a final agreement to put to the leftist government in Athens, a source close to the talks said overnight. Eurozone leaders are meeting now.
And in a new twist to the debate between 'austerity' and 'stimulus', some senior IMF economists have said public policy makers should stop obsessing about debt levels and countries should essentially learn to live with high debt - although this is only interesting because of who has published it, not for any truly new perspectives.
In India, their Reserve Bank has cut interest rates for the third time this year to help boost growth in Asia's third largest economy. The central bank cut its key repo rate to 7.25% from 7.50%, after taking similar moves in January and March this year.
In New York, the UST 10yr benchmark yield jumped in trading today. It is now up another +9 bps at 2.27%.
The US oil markets are also a little higher today with the US benchmark price now just over US$61/barrel again, and Brent crude is up to over US$66/barrel.
The gold price is up as well, by $5 to US$1,194/oz.
The New Zealand dollar starts today well off its lows and is currently at 71.9 US¢ a whole cent higher than at this time yesterday, at 92.3 AU¢, and at 64.3 euro cents. The TWI-5 is at 75.9.
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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