Here's my summary of the key events overnight that affect New Zealand.
The European Central Bank has left ultra-loose monetary policy unchanged, but kept the door open to more stimulus in December. Putting a few options on the table, ECB President Mario Draghi says "very substantial" monetary accommodation will be needed to boost inflation. He doubts an expected rise in inflation in the coming month will last long, as this will be driven by the fading effect of past oil price falls.
The Italian Government is believed to be bailing out commercial banks, hamstrung by the number of early retirement scheme payouts they're making as they slash staff numbers. Reuters believes Italy has allocated 500 million euros over the next three years towards helping cover the cost of up to 25,000 redundancies. Italy's banking system is under pressure, weighed down by some 200 billion euros in bad loans.
China has won the bulk of a World Trade Organisation dispute over the way the US determines anti-dumping duties on Chinese products. The WTO has specifically found fault with the way the US assesses "targeted dumping," where foreign firms cut prices on goods aimed at specific US regions, customer groups or time periods. The ruling is significant given the rifts caused by the wave of protectionism sweeping the world.
Staying in the US, home resales surged in September after two straight months of declines as first-time buyers stepped into the market. The National Association of Realtors says existing home sales rose more than expected, by 3.2%. First-time buyers accounted for 34% of transactions. While this is the largest share since July 2012, it's still below the ideal level.
Other data shows a larger-than-expected increase in the number of Americans filing for unemployment benefits last week. Overall, jobless claims are still relatively low, signalling the US labour market is in good shape.
In New York, the UST 10yr yield is unchanged at 1.74%.
The US benchmark and Brent benchmark oil prices have come off yesterday's high. They're both sitting at around US$51 a barrel.
The gold price down to US$1,266/oz.
The New Zealand dollar has fallen slightly in the last 24 hours to 72.0 US¢. It's jumped to 94.4 AU¢, and is stable at 65.9 euro cents. The TWI-5 index is up marginally to 76.2.
All eyes will be on New Zealand's migration stats out later this morning. ANZ economists expect migration levels to remain solid.
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 ».