US Fed regions humming; US imports booming; NAFTA to survive with the US; Canada housing stumbles; China conglomerates with cash woes; Aussie inquiry digs at detail; UST 10yr at 2.82%; oil up, gold down; NZ$1 = 72.8 USc; TWI-5 = 73.8

Here's our summary of key events overnight that affect New Zealand, with news the US is completely random in its views on trade.

Firstly, two reports from two different regional Feds show differing business tracks. The one by the Philadelphia Fed revealed some gloss coming off their upbeat outlook in the heart of industrial America. The one by the NY Fed was more upbeat and remained near recent highs.

Meanwhile, the US is importing at a furious pace.

Mexico and Canada are preparing for a NAFTA relationship without the US. It is a track very similar to the TPP, something the US now seems to want back in on. And US tariffs on Canadian newsprint appear to be an own-goal. Also badly affected may be aircraft manufacturer Boeing. All this from a President that just makes up his own 'facts' even when the data says otherwise.

And staying in Canada, their national average home price was down -5% and sales volume was down -17% in February compared with a year ago, evidence that many buyers there raced to purchase before new mortgage rules came into effect.

In China, some major conglomerates are in liquidity trouble. HNA has skipped paying for fuel for its airlines, and LeEco has failed to offload units in its planned reorgainsed due to excessive debt, putting it viability in doubt.

In Europe, industrial giant Unilever has decided to move its headquarters to Rotterdam from London.

In Australia, their Royal Commission inquiry is delving into the gritty detail of some transactions, identifying about 5,000 at CBA that may or may not have issues over a three year period. However, given that CBA has more than 1 mln residential loans and record high customer satisfaction levels, they seem to be arguing over the ½% at the margins. The real issue seems to be in the Australian predisposition to use mortgage brokers and their ability to control dodgy behaviour in that sector.

In New York, the UST 10 yr yield is back up to 2.82%. Locally, wholesale swap rates will open noticeably higher today for the one year duration, up +4 bps yesterday and now up +12 bps over the previous four weeks. Rises of this magnitude will be having bank mortgage managers thinking about the pricing for one year fixed mortgage rates.

The gold price has slipped back today, down -US$5 and now at US$1,318/oz.

Oil prices are up marginally today with the US benchmark down to just over US$61/bbl and the Brent benchmark now just over US$65/bbl.

The Kiwi dollar will start today ½c lower at 72.8 USc as the greenback is back in favour. On the cross rates we are unchanged at 93.2 AUc and 59.1 euro cents. That puts the TWI-5 at 73.8.

Bitcoin is now at US$8,175, down -1.4% from this time on yesterday. This recent weakness is due to a decision by Google to stop accepting cryptocurrency ads, following the same decision by Facebook.

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The easiest place to stay up with event risk today is by following our Economic Calendar here ».