Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news of a major asset bubble warning.
Buoyant financial markets are out of kilter with the shaky global economic and geopolitical outlook, the Bank for International Settlements said in its annual report published over the weekend. Crucially, it said "It is essential to move away from debt as the main engine of growth."
In Paris, BNP Paribas is preparing for the announcement of its penalty for breaking economic sanctions, which is expected to come very soon and be a fine of NZ$10 billion plus a ban of some interbank trading privileges.
Argentina is another with American legal woes. A US judge has ordered that a debt repayment made by Argentina to US bondholders be returned, calling the payment "an explosive action".
Argentina owes money to two sets of bondholders - those who have agreed a deal to restructure the debt, and those who have not. The judge previously ruled the country must pay both, but Friday's payment was just to those who had agreed a deal. The US legal system decides these things because the original debt was issued there and Argentina offered US law in any dispute.
Here's something you may not have known. We know about bankers buying up commodity positions, but you may not have known that ANZ owns four liquid fuels terminals in New Zealand, Auckland, Mt Maunganui, New Plymouth and Wellington. The ownership is in focus because ANZ has just sold them to Macquarie Bank along with four equivalent facilities in Australia. They hoped to get A$400 million for this key infrastructure business, but bidding was brisk; they sold for A$525 million, according to the AFR. Macquarie will want a return on that.
The transaction makes the point from the bank of International Settlements well. Asset bubbles grow and investors make dangerously risky decisions when interest rates are too low.
Benchmark UST 10 yr bond yields ended last week at 2.54%. Both oil and gold slipped a little in late Friday trading in New York.
We start the week at 87.7 USc, 93.2 AUc. The TWI is now at 81.5.
If you want to catch up with all the changes on Friday we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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