Here's my summary of the key events overnight that affect New Zealand, with news the VW boss has quit.
But first, there have been three major pieces of data that have dominated overnight. Firstly it was the Chinese PMI which fell to a six and a half year low and fell for the sixth consecutive month. China's factory output and new orders are contracting. But how serious that is is open to debate. It certainly is serious for Australia and Brazil for instance but it is less clear for New Zealand.
The same factory survey in the US was more encouraging. It is still expanding and output growth picked up pace. But incoming new work and employment numbers rose at slower rates. And factory gate prices fell for the first time in over three years.
And in Europe, the factory survey data pointed to steady growth at the end of the third quarter. Moreover, faster growth of new work and backlogs of orders point to continued expansion in coming months. Selling prices were stable despite sharply reduced commodity prices. France continued to lag the upturn, and growth slowed in Germany.
In New York, the UST 10yr yield benchmark is still down at 2.15%.
The US benchmark oil price is lower today, now at US$45/barrel and the Brent benchmark is at US$48/barrel. Markets fell with American crude stocks down as much as -3% after the bullish impact of lower crude inventories was offset by a large petrol buildup that raised concerns about high autumn fuel supplies.
The gold price is up today, now at US$1,130/oz.
The New Zealand dollar starts today a little lower. It is now at 62.5 US¢, at 89.1 AU¢, and 55.8 euro cents. The TWI-5 is at 67.2.
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 »