Here's my summary of the key events over the weekend that affect New Zealand, with news many developing economies are borrowing up large just to stay afloat.
But first, in the US there is a sense that the tight markets for renters may be starting to ease. Vacancy rates are rising, rent growth is slowing, and demand for new apartments in the first quarter slumped from its typical level.
Also in America, and in an unusual more, all four living current and ex Fed chiefs have found it necessary to 'agree' that the US is not is heading back toward recession despite concerns about slow global growth and the expansion’s advancing age. Also interesting in this panel discussion, Janet Yellen said the US was "near full employment", a clear signal the next rate rise is close. Two more are expected in 2016.
She also thought the focus on the the too-big-to-fail debate by one regional Fed president was a helpful contribution, even if she thought their current actions are effectively addressing the issues.
In Canada, they added far more jobs than expected last month as service sector hiring accelerated and the unemployment rate fell from a three-year high. However, some observers are wary of reading too much into the often volatile figures. Still, the report was the latest indication their economy grew strongly in the first quarter after struggling with the oil price shock last year.
Things are much tighter among emerging market countries. A surge in demand by commodity exporters in the developing world has pushed up lending from the World Bank this year to its highest levels since the aftermath of the 2008 financial crisis.
In New York the benchmark UST 10yr yield has seen a minor bounce after last week's sharp fall and is now at 1.72%.
The oil price is back up to just under US$40/barrel in the US, while Brent is up at US$42/barrel. Rig counts are still falling though.
The gold price is also up a small amount to US$1,240/oz.
And finally, the NZ dollar will start the week still within its tight range although a little higher against the greenback at 68.1 US¢, at 90.2 AU¢, and at 59.7 euro cents. The TWI-5 index starts at 71.4.
If you want to catch up with all the local changes on Friday, 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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