Here's my summary of the key events overnight that affect New Zealand, with news of improving economic outlooks in both the US and China.
Firstly in the US, the latest survey of consumer confidence brought a sharply higher reading, in fact a 16 year high. Markets had expected a small drop. The rise was attributed to optimism over their labour market and higher house prices. The result could raise consumer spending after some recent sluggishness. Wall Street rose to new all-time highs, helped by strong corporate earnings. And an important local manufacturing survey came in much more positively than expected.
All this positivity comes ahead of a US Federal Reserve meeting. They are not expected to signal a change of rates tomorrow, but any changes in their policy statement will be scrutinised for clues about the future path for interest rates.
In Japan, Toyota said it was nearing a major technological breakthrough in electric-car batteries, with a smaller, lighter and solid lithium-ion battery that will hold significantly more juice, and charge very fast. This is despite the official Japanese drive to produce hydrogen-powered cars.
In China, HNA had promised to clarify who owns them yesterday. But that filing just got even more murky, because of some pre-release changes that added some new US foundations as owners. All this is under scrutiny the more HNA tries to do business in the US, and the more a Chinese fugitive releases murky details from his exile in a New York skyscraper (to Beijing's fury). HNA's approval to buy UDC is still pending New Zealand regulatory approval (the OIO and RBNZ).
Based on stronger China demand, copper prices rose to over US$6,200/tonne today, hitting a two hear high. And that is underpinned by more optimistic forecasts for Chinese economic growth.
And New Zealand is to get better access to markets in Thailand, especially important for dairy products. In addition, Thai Airways will launch a direct Auckland-Bangkok service later this year.
In New York, the UST 10yr yield is up strongly today at 2.33%.
The price of oil rose again by about US$1.50 overnight and is now at just under US$48 a barrel, while the Brent benchmark is now just over US$50.
The price of gold is however slightly lower, down US$3 to US$1,251/oz.
But the Kiwi dollar is a little softer too, now at 74.2 USc. On the cross rates we are softer as well at 93.5 AU¢, and at 63.7 euro cents. As a result the TWI-5 index will start today at 77.1.
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 ».
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