Retail sales down but wages up in US; Fed orders banks to beef up bankruptcy plans; China's trade balance surprises markets; coal miner goes bust; UST 10yr yield 1.78%; oil & gold down; NZ$1 = 69.3 US¢, TWI-5 = 72.3

Here's my summary of the key events overnight that affect New Zealand, with news of data out of the US painting contrasting pictures.

American retail sales fell unexpectedly in March as consumers cut back on buying cars and eating out. Few observers picked the stumble, which will restrain first quarter growth and be considered by Fed officials ahead of their next meeting on April 28.

Meanwhile the Fed's regional reviews show the US economy has continued its expansion from late February to early April, with low unemployment spurring an uptick in wage growth. According to the Fed's Beige Book report, pay increased in all but one of its 12 regional districts.

The Fed has ordered all eight of its too-big-to-fail banks – Bank of America, Bank of New York Mellon, JP Morgan Chase, State Street, Wells Fargo, Morgan Stanley, Citigroup and Goldman Sachs – to make significant improvements to their plans for if they should face bankruptcy. They'll need to implement the policy known as the 'living will' by October, or face sanctions.

China has surprised markets, reporting growth in its exports for the first time in nine months. Exports rose 19% in yuan terms from March last year to March this year, while imports fell nearly 2%. But don’t get too excited, China’s first quarter GDP data out on Friday is expected to show the economy growing at its slowest pace since the financial crisis.

The world’s largest privately-owned coal miner has gone bust. Peabody Energy has filed for bankruptcy protection in the US, but all its mines and offices will continue to operate. The firm isn’t the first and won’t be the last miner drowned in debt due to rock-bottom coal prices, tougher environmental regulations and a shift to natural gas.

In New York the benchmark UST 10yr yield is up slightly today to 1.78%.

The US crude oil price has eased back to just below US$42/barrel, while Brent is at US$44/barrel. The fall comes as OPEC’s cut its forecast for global oil demand growth for the year, citing concerns about lower demand from China and Latin American contributing to an even larger supply surplus this year.

The gold price has dropped to US$1,246/oz.

The New Zealand dollar has strengthened off the back of China's trade data. It's at 69.3 US¢, 90.4 AU¢, and 61.4 euro cents. The TWI-5 index is now at 72.3.

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 ».