Here's my summary of the key events overnight that affect New Zealand.
The pre-cursor report to US job and wage growth data to be released this weekend, shows employment levels in the States are surprisingly on the upside. The ADP jobs report out today shows private US employers added 214,000 jobs in February, with the rise largely coming from the services sector.
Chinese government officials are calling for calm. In an echo of China's stock buying frenzy last June, leveraged property speculators are snapping up homes in the country's top-tier cities, in the hope prices will keep surging. Property prices in the business hub of Shenzhen have already risen by more than 50% over the past year - the fastest pace since at least 2011.
Bloomberg reports, "The boom, fueled by monetary stimulus and a loosening of property curbs in February, shows how government efforts to revive the world’s second-largest economy risk fueling asset bubbles instead."
Staying in China, Moody's has lowered its outlook on China's credit rating from stable to negative. It cites a weakening of fiscal metrics and a continuing fall in foreign exchange reserves. The rating agency also notes uncertainty over authorities' abilities to implement the reforms needed to address imbalances in the world's second-largest economy.
Locally, swap rates responded to the shift to higher yields and are likely to continue to push higher today.
Oil prices have remained stable overnight, despite the US's weekly EIA report showing crude inventories have risen to their highest levels since 1930. The US crude price sits at US$34/barrel, while Brent is just below US$37/barrel.
The gold price is slightly higher at US$1,240/oz.
The NZ dollar remains relatively unchanged from this time yesterday at 66.3 US¢ and 61.1 euro cents. The Aussie dollar is riding out its high, following yesterday's announcement the Australian economy grew a remarkable 3% year-on-year in the December quarter. It's up nearly a cent against the NZD compared to 24 hours ago, at 91.2 AU¢. The TWI-5 is at 71.3.
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 ».
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.