Here's our summary of key events over night that affect New Zealand, with news the IMF is largely positive about Australia.
Firstly however in the US, home resales in January experienced their sharpest annual drop in more than three years as low inventories and rising prices and interest rates took a toll. They fell -4.8% from the same month a year ago well below the small gain analysts had been expecting. Median prices were up, however, up a strong +5.8% year-on-year. Inventories of unsold homes are -9.5% lower on the same basis.
The first readings of the US PMIs are out for February and they are quite positive. Their factory PMI is up marginally from a very good position while their services PMI has risen strongly to match the factory one.
Similar PMI reports were released for Japan and the EU. Both showed small reductions in expansion from high levels - in fact both are at levels near to or higher than the US. The broadness of the expansion across the world major developed economies is encouraging.
Markets are awaiting the release of the US Fed minutes and we will update that when they become available. Update: Minutes here and they show that they are increasingly confident on the growth track and more confident on their inflation prospects.
The IMF has released a largely positive Report on Australia. All the usual risks and vulnerabilities get an airing, but overall they see it well placed to grow from here.
In New York, the UST 10 yr yield is marginally lower at 2.90%.
The gold price is unchanged at its lower level of US$1,328.
Oil prices are slightly lower today too, with the US benchmark now just over US$61.50/bbl and the Brent benchmark over US$65/bbl.
The Kiwi dollar is little changed this morning at 73.4 USc. On the cross rates we are up at 93.7 AUc and holding at 59.6 euro cents. That leaves the TWI-5 virtually unchanged at 74.6.
Bitcoin is now at US$10,490, down a massive -9.8% from this time yesterday.
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The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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