Here's my summary of the key events overnight that affect New Zealand with news the sale of UDC may be off.
Firstly however, Wall Street has taken over the mantle of a bubble frenzy. The S&P500 is up more than +1% to a new alltime record. Other markets are similar. Tax cut prospects that favour wealthy Americans and companies are behind the euphoria. John McCain has said he will vote for them.
Also helping is that US personal income rose strongly in October, up +2.8% from the same period a year ago. Meanwhile US personal consumption expenditure is up +1.6% over the same period.
Separately, the US President is nominating Marvin Goodfriend, an economics professor, to one of the Fed's vacancies.
In Germany, their jobless rate fell to 5.3% and the number of people in employment rose strongly, up +650,000 in a year, to 44.7 mln.
In Australia there are reports that the sale by ANZ of UDC to HNA is on the rocks. They cite the tougher OIO stance, HNA's issues, and the fact that no-one else is prepared to pay the premium HNA offered. The likely endgame is that ANZ will keep UDC, no doubt pleasing David Hisco greatly.
In New York, the UST 10yr yield is still rising and is now at 2.43%. That is a very strong rise and back to levels we haven't seen since March.
The price of crude oil has firmed a little overnight, now just over US$57 / barrel, while the Brent benchmark is just under US$63.50. OPEC and a Russia-led group of big-oil producers agreed to keep limiting their output through the end of 2018
The price of gold is down another -US$11 to US$1,211 oz.
And the Kiwi dollar is also down. We are now at 68.5 US¢. And on the cross rates we are at 90.5 AU¢, and against the euro at 57.6 euro cents. That puts the TWI-5 back at 71.3. And bitcoin is sharply lower today, now at US$9,587 which is down -US$1,570 from its peak just over a day ago. Such huge volatility just seems normal for bitcoin these days. And you might note that the cryptocurrency has actually never closed a daily session over US$10,000.
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 ».