Here's our summary of key events overnight that affect New Zealand.
British/Russian relations have hit their lowest point since the Cold War. Britain is expelling 23 Russian diplomats in the wake of Russia denying involvement in a chemical attack on a former Russian spy in southern England earlier this month.
British Prime Minister Theresa May has also mentioned possibly freezing Russian state assets that pose a security threat, new laws to counter hostile state activity and a downgrade of Britain’s attendance at the soccer World Cup in Russia. Russia has described the steps as “unacceptable, unjustified and short-sighted”.
Australia is considering ways to help South African farmers. South Africa's ruling ANC party last month announced plans to change the constitution to enable it to seize land from white farmers without compensating them. The move has prompted Australia to explore whether the farmers can be accepted into the country through refugee, humanitarian or in-country persecution visa categories. Australia's Home Affairs Minister Peter Dutton believes the farmers deserve "special attention" and need help from a "civilised country" like Australia.
A net 4,946 South Africans migrated to New Zealand in the year to January - a 9.1% increase from the previous year. This group made up 7% of the 70,147 net gain New Zealand experienced in the year.
US retail sales fell for a third straight month in February, as people cut back on buying cars and other big-ticket items. Slipping 0.1%, it was the first time since April 2012 that sales dropped for three months in a row. The decline is surprising as consumer confidence is at a 17-year high in the wake of US tax reforms. The move has prompted analysts to downgrade their first-quarter economic growth forecasts.
The European Central Bank says its monetary policy will remain prudent despite it being more confident inflation's picking up. President Mario Draghi says, “We still need to see further evidence that inflation dynamics are moving in the right direction. So monetary policy will remain patient, persistent and prudent.”
All eyes are on New Zealand's fourth quarter GDP figures, to be released later this morning. ANZ economists expect GDP to have grown 0.7% quarter-on-quarter - the data predicted to paint a "reasonable picture" of the economy. With global forces strong, ANZ economists don't expect the figures to have a major impact on the currency markets.
In New York, the UST 10 yr yield has fallen 5bps to 2.81%.
The gold price is up to US$1,323/oz.
The US benchmark oil price is pretty much unchanged at just under US$61/bbl. The Brent benchmark is just under US$65/bbl.
The NZD hasn't moved much overnight. It remains strong at 73.3 USc, 93 AUc and 59.2 euro cents. The TWI-5 is down an notch to 74.1.
The price of bitcoin has fallen to a one-month low. It's down nearly US$900 to US$8,294.
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