Here's our summary of key events overnight that affect New Zealand, with news the Aussie Royal Commission into banking is doing some market damage and a few large banks are cashing in.
But first on Wall Street, key equipment maker and exporter Caterpillar raised its full-year profit outlook after earnings in the second quarter nearly doubled, beating market expectations, helped by global demand for its equipment.
However, overall market indexes are lower, with the tech sector down a very sharp -1.25%.
And pending home sales in the US have disappointed. In June they have come in -4% lower than for the same month a year ago. The real weakness is in the West.
In Japan, markets are also on tenterhooks awaiting their latest central bank policy tweaks. Speculation and markets signals both are betting that interest rates will be allowed to rise.
In Germany, their July CPI rise has come in at +2.0% and that was both lower than June's +2.1% and lower than markets were expecting.
Deutsche Bank has moved the clearing of a "large part" of new euro-denominated derivatives trades from London to Frankfurt, as financial firms ramp up their Brexit preparations.
G20 Agriculture ministers are claiming a "huge breakthrough'. They issued a joint statement confirming their commitment to the WTO and against unilateral protectionism. They agreed to avoid "unnecessary obstacles" to trade as global tensions escalate off the back of tariffs imposed by the Americans. US objections were noted, and sidelined. One thing they didn't do however is commit to reducing existing tariffs.
In Australia, more unintended consequence are emerging in the pricing of home loans. The smaller players are being caught up in wholesale cost pressure and passing on higher rates. But today, giant CBA has actually lowered rates for some key fixed rates, putting some distance between them and many rivals. The Hayne Commission is roiling the risk profiles of many smaller institutions and making the largest stronger. This CBA move comes even as analyst Moody's sees the smaller bank hikes clearing the way for the majors to follow. One thing is clear, no-one seems to know where the chips will fall and it will stay confused until the final Hayne report is released and official policy action from it becomes clearer. Right now, its murky and working against consumers most of the time.
The UST 10yr yield is up +2 bps to 2.98%. Their 2-10 curve has steepened to over +30 bps. The Chinese 10yr is at 3.54% (down -2 bps from this time yesterday) while the New Zealand equivalent is now at 2.76%, unchanged.
Gold is unchanged at US$1,222/oz in New York.
US oil prices have jumped sharply today and now just on US$70/bbl. The Brent benchmark is now just over US$74.50/bbl.
The Kiwi dollar will open today at 68.3 USc and showing some end-of-month firming. On the cross rates we are also firmer at 92.1 AUc, and at 58.3 euro cents. That puts the TWI-5 at 71.6 and right at the top of its range - true a very narrow range - for all of July.
Bitcoin is now at US$7,922 which is down a sharp -3.3% since this time yesterday after the US SEC confirmed it won't approve an ETF based on the cryptocurrency. We track this rate daily in the interactive chart below.
This chart is animated here. For previous users, the animation process has been updated and works better now.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».