Here's my summary of the key events overnight that affect New Zealand, with news world economic growth is mostly rolling along nicely.
But first, American labour market job openings jumped to a record high in June, outpacing hiring, the latest indication that companies are having trouble finding qualified workers.
And that was reflected in a small business optimism survey for July which rose for the first time since January. The improvement was based on a pickup in consumer spending.
And the OECD is also reporting good conditions among its seven major members. They also survey four major non-members. They are saying that growth momentum is being maintained in most countries, improving in China, and declining in Russia.
In China, Poly Real Estate Group, one of their largest real estate companies, reported strong sales growth in July despite tight regulation of the property sector. They said its sales rose +36% year on year to NZ$3.3 bln in July.
And around the world, despots seem to be gaining the upper hand against their people. Venezuela has killed off its democracy, in South Africa the ruling party has saved the country's president from any investigation, and in Malaysia the government is moving against a critic. (But at least in Malaysia, there is some pushback). It is open season now that the US has withdrawn from international engagement in support of democracy.
In Indonesia, growth in the second quarter came in a disappointing +5%. It needs its economy to grow at a 7% rate to provide employment and hold living standards for its growing 250 mln population, the world's fifth largest, and it is South East Asia's largest economy.
In Australia, the money laundering probe that is rocking the CBA is widening. It is being reported that half of the money that washed though the CBA also went through Westpac and the ANZ. As fast as CBA closed accounts in 2013 to deal with the issue, they were just shifted to these other banks. And there's more; on this side of the ditch, the claim is that ASB used the same systems as its parent and did not have the necessary limits in place to not be equally vulnerable. At this time, no-one is suggesting the loophole was exploited in the ASB system, but that is what is being investigated.
In New York, the UST 10yr yield is a little higher today at 2.28%.
The price of oil has is basically unchanged and now just under US$49.50 a barrel, while the Brent benchmark is now just under US$52.50.
The price of gold is also unchanged at US$1,257/oz.
But the Kiwi dollar will start today down again and now at 73.3 USc. On the cross rates we are lower as well at 92.6 AU¢, and at 62.3 euro cents. As a result the TWI-5 index is down to 75.9 which is the lowest it has been in over two months.
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 ».