Here's my summary of the key news overnight where it is getting clearer the American economy is outshining the rest of the world.
Manufacturing activity in the US unexpectedly jumped in October as new orders grew strongly, which should ease concerns of a significant moderation in economic growth in the fourth quarter.
That's according to one widely followed survey. Another similar but lesser one showed a slowing. Both however have conditions strongly expanding in October.
American car sales did well in October. In fact New Zealand new car sales are doing well also, up +12% over the same moth a year ago.
Fading somewhat was American construction activity - in September. The Commerce Department data showed that private projects basically held their own, but public projects are where the declines are being felt. August data was revised higher.
Factories across Asia and the euro zone reported a general loss of momentum last month that speaks volumes about the need for more policy stimulus on top of Japan's latest efforts to ignite growth.
And following the Bank of Japan's new stimulus plan, markets now expect the ECB to soon announce it has started buying sovereign bonds.
In the UK, HSBC has set aside a bit less than US$400 mln to settle with British regulators in their investigation of potential manipulation of foreign exchange markets. The RBS has made an even larger provision for this issue.
The serious lobbying against lower bank leverage is starting. In Australia the big banks are starting to push back from what they see will be a major recommendation by the Murray Commission: that they should hold significantly more capital to strengthen their financial system. Westpac is saying "you will all pay" if that becomes the new reality.
Yesterday, Fonterra released a major document outlining its plans for growth in China. The 130+ pages make fascinating reading. That comes as rival Danone decides to invest US$0.5 bln into the same markets.
In New York, UST 10yr bond yields rose again in early trade today and are now at 2.36%.
Stocks are at record-equaling levels, above 2,000 on the S&P 500 and above 17,300 on the Dow.
The oil price is basically unchanged at US$80/barrel with the Brent price just on US$86/barrel.
The gold price fell again and is now at US$1,167/oz. That is its lowest since May 2010.
We start today with our currency lower. It is now at 77.2 USc and that is near a two year low, at 88.9 AUc, and the TWI is at 76.2.
If you want to catch up with all the changes yesterday 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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