China retail growth rises, factory and investment growth falls; Singles Day spectacular; Germany wary of ECB negative rates; UST 10yr yield 2.34%; oil and gold fall; NZ$1 = 65.6 US¢, TWI-5 = 71.4

Here’s my summary of the key events overnight that affect New Zealand, with news that shopping in China is changing the world.

China’s retail sales growth edged up while its factory output and investment weakened in October. (Fixed asset investment was near a 15 year low.) This suggests their economic growth has stabilised but without some sort of revival we could well see new stimulus measures.

But the retail data is impressive, and it got another jolt higher yesterday with their amazing ‘Singles Day‘ promotions. Some companies here are getting a piece of the action too. Adding to the optimism is news that car sales in China were up +11.8% in October, faster expansion than we have seen for months.

In Europe, the Germans are grumbling again about the ECB. The German government’s panel of economic advisers warned overnight that the European Central Bank’s low interest rates were creating substantial risks for financial stability and could ultimately threaten the solvency of banks and insurers. The warning came after it was reported that the ECB plans to lower the interest rate it charges banks to park money deeper into negative territory at its early December meeting.

In New York, the UST 10yr yield benchmark is still holding its recent gains today, today at 2.34%.

However, the US benchmark oil price has slipped lower today, now just on US$43/barrel, and the Brent benchmark is at US$46/barrel.

The gold price slipped as well and is now at US$1,086/oz.

The New Zealand dollar has settled in to a new lower range over the past week and overnight trading has not shifted it. It is at 65.6 US¢, just under 93 AU¢, and at 61.1 euro cents. The TWI-5 is at 71.4.

If you want to catch up with all the local changes yesterday, we have an update here.

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

Daily exchange rates

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for(i=0;i

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