Here's my summary of the key events over the weekend that affect New Zealand, with news of a weekend of dramatic changes.
Firstly, our thoughts are with today's earthquake victims in North Canterbury and Kaikoura. Wellington has suffered damage.
In weekend economic news, which has also seen some dramatic changes, banks are well placed to profit from them. On Wall Street, the banking sector's dramatic rally post Election Day is likely just a taste of bigger gains to come, as investors expect banks to reap huge benefits from rising interest rates and lighter regulation under a Donald Trump presidency.
Part of the 'optimism' is that there are early signs the new US administration may be full of Washington and industry insiders.
In a sign of how far the world has shifted in recognising the need to tackle global warming, Beijing - once seen as an obstructive force in UN climate talks - is now leading the push for progress by responding to fears that Mr Trump would pull the US out of the landmark accord.
And in China, Singles Day has gotten even more enormous this year. It's the Chinese equivalent of the American Black Friday. Orders worth US1.5 bln were placed in the first seven minutes on Alibaba, China's e-commerce giant. This one platform garnered almost 70% of all online trade, and more than 80% of this trade took place on mobile phones. In the 24 hours of the retail event, more than 1 bln delivery orders were placed. That is truly enormous.
In India, there have been chaotic scenes outside banks, two days after 500 (NZ$10) and 1,000 NZ$20) rupee notes were withdrawn as part of anti-corruption and tax evasion measures. Some banks ran out of cash. At others police were required to manage queues of anxious customers hoping to change their savings for legal tender. Million of people who don't have bank accounts are now in a very tenuous situation.
The IMF has approved a three-year NZ$15 bln loan to the military government in Egypt to help the country out of its deep economic crisis. They will receive NZ$4 bln immediately, with the rest subject to its economic performance and further reforms.
In Australia, former Labor prime minister Paul Keating has called for a major publicly funded program of infrastructure investment (something akin to New Zealand's current efforts in roading and high-speed internet).
In New York, the UST 10yr yield will start today at 2.14%, and near a new one year high. Our wholesale rates rose sharply on Friday and may get another push up today, especially at the long end.
The US benchmark oil price is lower yet again, and is now just over US$43 a barrel, while the Brent benchmark is on US$44.50 a barrel. Falling energy prices will hurt the coal and oil industries championed by the President-elect - and his Russian allies.
In contrast semi-precious metal prices are surging dramatically higher.
The gold price is very much lower however, now -US$40 down at US$1,225/oz. It has actually been a stunning retreat in a very short time. Lower gold prices will also hurt those states who have bought up large recently, including Russia.
The New Zealand dollar will start this week lower than this time on Friday, at 71.3 US¢. On the cross rates it is now at 94.5 AU¢, and against the euro at 65.7 euro cents. The NZ TWI-5 index is at 75.9.
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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