Here's my summary of the key events over the weekend that affect New Zealand, with news principally from Europe.
In Germany, the diesel-gate scandal is getting worse, much worse, for their car industry. The latest edition of German news magazine Der Spiegel reported over the weekend that all the major German car makers - Volkswagen, Porsche, Audi, BMW and Daimler, maker of the Mercedes-Benz and Smart brands - have all been engaged in what could be a massive case of industrial collusion. The report shows that the companies have been secretly meeting in various working groups since the 1990s, where they colluded on technologies, costs, suppliers and even how to work on emissions from diesel engines. The companies themselves are denying the allegations.
In banking, the plans are firming up for a move by large banks out of London. First it was Citigroup which will base itself in Frankfurt after Brexit. Now, Bank of America has signaled a plan to move to Dublin.
And in Brussels, pressure is rising on implementing stricter money laundering rules. As many as 17 EU countries may be in breach of their EU AML obligations - and remember there are only 28 countries in the bloc, so that means most of them have issues. Fourteen have done nothing, while three have made inadequate efforts.
In Australia, there seems to be a bi-partisan impetus to adopt a fixed four year term for the national parliament.
And staying in Australia, a new review shows that the big four banks there have slashed their lending to coal mining projects.
And this comes as China reveals that it has greatly increased the volume of LNG imports as it weans itself off coal, both domestically mined and imported. The big beneficiary for the China imports has been fracked gas from the US. But Australia has some enormous capacity to supply. And China itself is ramping up its shale gas capacity. Coal is dead; long live gas.
In New York, the UST 10yr yield ended last week at 2.24%.
The price of oil fell over the weekend and is now at just over US$45.50 a barrel, while the Brent benchmark is now just over US$47.50.
The price of gold has gone the other way, up US$14 to US$1,251/oz.
And the Kiwi dollar is up as well, at 74.6 USc. That is the highest it has been all year; in fact it is the highest in 14 months. On the cross rates we are at 94.2 AU¢, and at 63.9 euro cents. As a result the TWI-5 index will start today at 77.4.
If you want to catch up with all the 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 ».