Here's my summary of the key events overnight that affect New Zealand, with news markets are focused on the oil price today.
But first up, its a public holiday in Australia today and that will restrain local markets somewhat.
Yesterday, the latest reading of Aussie business sentiment came in marginally lower, but above analysts expectations. It was probably the stronger-than-expected data for forward orders that impressed markets the most.
Another Aussie survey out yesterday showed that residential property buying intentions improved, shifting away from 'investing' as the driver, to 'occupation'.
In New York, stocks started out a lot lower today but by mid-day had wiped out those early morning losses. Initial focus seems to have been on the failure of the oil price to hold yesterday's gains. And that seems to stem from a realisation that oil demand in China may never reach what had been forecast. The oil patch may yet face peak-oil-supply in the future, but unexpectedly, it may have passed peak-oil-demand.
Also out overnight is a new analysis - from a US point of view - of the TPP deal. Essentially it warns the US that it will not be a big winner and jobs in some sectors will be lost, but it also concludes that there will be net benefits even to jobs in other sectors and the US will be worse off not joining it.
Trade is not the only thing affecting jobs in the US; the weather is as well, and some analysis of how that affects their economy is a useful perspective.
In New York, the benchmark UST 10yr yield is on the slide again, now at 2.03%.
The oil price is also lower, now below US$31/barrel on both benchmarks.
The gold price is up at US$1,109/oz.
The Kiwi dollar starts today at 64.7 US¢, at 92.9 AU¢, and at 59.7 euro cents. The TWI-5 starts today at 70.5.
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 ».