Here's my summary of the key events overnight that affect New Zealand, with news bank bonus incentives are under investigation for all the wrong reasons, this time in Canada.
But first, the giant American services sector grew +6% in the December quarter from the same period a year earlier. This is a faster rate than in the third quarter and was led by health care, technical services, and entertainment.
In Canada, sales incentives for front-tine bank staff are in the spotlight with embarrassing revelations on how they work in one of the countries largest retail banks.
In Madrid, Spain, they are preparing to ban older cars in an effort to reduce local pollution levels. They are to ban petrol cars older than 2000 and diesel cars registered before 2006, all to take effect within seven years. Paris and Berlin already have similar measures in place. Finally the Europeans as acknowledging the huge public policy mistake of encouraging inherently dirty diesel vehicles.
In China, they are clamping down on mortgage financing, with top-down directives to reign-in loans for housing 'investment' or speculation.
In the UK, Scotland has announced it will go for a second independence vote in early 2019. This is motivated by the the English drive to quit the EU. The London parliament is struggling to get its ducks in line to trigger Article 50 though. Things are getting very messy for Brexit.
In Adelaide, the South Australian state government will announce its long-awaited plans of how to deal the failure of the state's electricity system. It will likely involve pumped hydro and the drastic step of renationalising the private electricity grid. In fact, the issues are national with the Grattan Institute declaring their retail electricity industry a 'failure' for consumers.
In New York, the UST 10yr yield is rising today and is now at 2.61%.
Oil prices are unchanged today at just over US$48 for the US benchmark, while the Brent benchmark is just over US$51 a barrel. US rig counts just keep going up and up and are at their highest since November 2015. They are discovering huge new resources. And Norway is opening up a significant new region for exploration.
The gold price is slightly higher today, up +US$3 to US$1,203/oz.
And the New Zealand dollar is unchanged at 69.2 USc. On the cross rates the Kiwi dollar is at 91.4 AU¢, and against the euro is at 65 euro cents. The NZ TWI-5 index at 74.8.
If you want to catch up with all the changes yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».