Here's our summary of key events overnight that affect New Zealand, with news the Vatican is piling in with strong criticism of banking and finance.
But first, in the US, the number of births in 2017 fell for the third straight year to the lowest level in 30 years.
Canada added +30,200 jobs in April, led by hiring in professional and business services, trade, and manufacturing. But this was at a lower level than for March which was unusually strong, but substantially better than for April 2017.
Mexico reviewed its official interest rate this morning and has kept it at 7.5%. They have inflation running at 4.5% but it is falling.
Trade tensions are about to get serious between the US and the EU. The EU has said it will re-activate a law barring its companies from complying with US sanctions against Iran.
European car sales rose +9.6% in April, led by Toyota, Hyundai and Ford. Spain (+12.3%) and the Britain (+10.4%) recorded the strongest growth, followed by France (+9.0%), Germany (+8.0%) and Italy (+6.5%).
Argentina is not the only emerging market in trouble. Turkey is as well, with their currency now valued at a record low. Its central bank, whose independence is under threat from a strongman ruler, has been forced to issue a "we will take all necessary steps' statement.
And Italy is facing an economic confidence crisis as well. As coalition government negotiations drag on, it looks increasingly likely fringe parties on either extreme may wield power, and they want to reject EU debt restraints. Investors are marking down Italy's prospects.
The Vatican has called for more regulation of markets and financial systems. They say economic crises showed financial markets were not able to govern themselves properly and they require a "strong injection of morality and ethics" by regulation. They were particularly critical of derivatives trading.
In China, house prices are slipping, and the pace of the falls - still quite minor though - is picking up. In the important city across the border from Hong Kong, Shenzhen, the fall is a notable -2.2% in a year.
The surprising change of government in Malaysia was a rejection of a deeply unpopular leader. One of his policies was to introduce a 6% GST, and the opposition promptly cancelled that tax on gaining power. However, they are moving to replace it with a "sales & service tax" (SST) which is signaled to be at variable rates between 5% and 15%. They will have a substantial fiscal hole until the new tax is in place and working properly.
Indonesia has raised its benchmark interest rate by +25 bps to 4.50%, in response to the same currency pressures affecting Argentina and Turkey.
Australia posted another small gain in labour force participation, taking it to 65.7% which for them is a "record high". But that is far below New Zealand's 71.2%. Unfortunately for them, this drawing of more workers to their labour force has resulted in a small rise in their unemployment rate to 5.6%. The good news however is that 32,700 new full time jobs were added in April, while -10,000 part-time jobs were shed.
The UST 10yr yield is now at 3.11%, up +1 bp today. The Chinese 10yr is at 3.73% (up +1 bp) while the New Zealand equivalent is at 2.87% (up +5 bps).
Gold is staying low at US$1,290/oz in New York, down marginally.
Oil prices are pretty settled today, albeit at a high level and are now just under US$71.50/bbl in the US and the Brent benchmark is now just under US$79.50/bbl. In European markets, it is now over US$80/bbl.
The Kiwi dollar has brushed off its budget bump and is now down again at 68.8 USc. On the cross rates we are down there too at 91.6 AUc and at 58.3 euro cents. That puts the TWI-5 back to 71.6.
Bitcoin is now at US$8,258 and that is down less than -1% from this time yesterday.
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