Here's my summary of the key events overnight that affect New Zealand, with news GlobalDairyTrade auction prices have fallen 7.4%.
The slump was led by an even sharper fall in the price of our main export - Whole Milk Powder - which was down 10.4%. Today's drop has left prices 24% below this time last year when they were on the rise, and has taken prices back to levels last seen in September.
The recent revisions down in the payout levels from most dairy companies may not have been steep enough. These new dairy prices levels will test and stress the patience of both farmers and bankers.
As for our currency, the auction result sparked the New Zealand dollar to flutter briefly, before recovering to pre-auction levels.
BP has announced it suffered its largest ever annual loss of US$6.5 billion last year. With its net income around a quarter the size of analysts' expectations, the loss is bigger than that suffered in 2010, when it took a US$17.2 billion hit from the explosion in the Gulf of Mexico.
BP says it plans to cut 7,000 jobs, or nearly 9% of its workforce by the end of next year.
The price of US crude oil slipped below US$30 a barrel overnight, as hopes of a deal between Russia and OPEC to cut output faded. The oil price is currently just over a US$1 lower than this time yesterday, at US$30.40 a barrel. Meanwhile Brent crude is down to US$33.30 a barrel.
Low fuel prices have contributed towards fairly strong car sales - an indicator of manufacturing activity - in the US last month. While blizzards saw the sale of new vehicles fall 2% from January last year, sales are poised to remain buoyant throughout the year.
Over to Hong Kong, property sales are taking a major dive. Sales plunged to 3,123 in January, the lowest figure for the month since government records started in 1991. The number of transactions made fell 41% month-on-month and 62% year-on-year. Developers are slowing down on new launches in the wake of bearish sentiment and ahead of the Chinese New Year holidays.
In New York, the benchmark UST 10yr yield has been knocked back further from yesterday, to 1.88%.
The gold price remains unchanged at US$1,125/oz.
The Kiwi dollar has had a strong start to the day, despite weak GlobalDairyTrade auction results. It's at 65.0 US¢, 92.0 AU¢, and 59.6 euro cents. The TWI-5 is at 70.5.
If you want to catch up with all the local changes from yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».