Wall Street up; Japan in recession; China FDI growing; Brazil changes direction; EU inflation low, UST 10yr yield 2.26%; gold stable, copper falls; NZ$1 = 64.9 US¢, TWI-5 = 70.7

Here’s my summary of the key events overnight that affect New Zealand, with news that the New York trading sessions have had little reaction to the Paris attacks.

In fact, equities are higher today by more than a half percent. But there is one sector not doing well: airline stocks.

Across the Pacific, Japan slipped into its fourth technical recession in five years between July and September – highlighting how the government’s “Abenomics” policies have struggled to drag the economy out of chronic stagnation. The core issue for Japan is that it is suffering from the Chinese transition away from heavy industry investment to a more consumer-based economy.

China, on the other hand, is still attracting investors. FDI flows in October rose +4.2% year-on-year in October, China’s Ministry of Commerce has reported. But that is down from a +7.1% rise in September.

Also changing direction is Brazil. The country is struggling with corruption and ballooning debt from years of left-leaning policies, and coalition parties within the Government have tabled a plan to shift to a more liberal approach.

European inflation data was out overnight and there were no surprises here, nor any reason to think they are emerging from very low levels. Most of the small nations are in deflation, and the larger northern members have low to moderate inflation.

In the US there was some regional factory data out overnight that was pretty soft.

In New York, the UST 10yr yield benchmark has held in mid-afternoon trading, now at 2.26%. Futures-market positions on rising American interest rates have reached a six-month high. Yet, few analysts and traders expect to see rates continue to rise for long.

The US benchmark oil price is also unchanged, now just over US$41/barrel, while the Brent benchmark is at US$44/barrel.

And believe it or not, the gold price is only marginally higher at US$1,085/oz, which you have to say indicates a very restrained response by risk investors. Copper on the other hand has fallen to more than a six year low.

The New Zealand dollar starts today lower at 64.9 US¢, but is not much-changed against other currencies. It is at 91.6 AU¢, and at 60.6 euro cents. The TWI-5 is at 70.7, a level it has hovered around before the Paris shocks.

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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var timestamday = 86400000;
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var timestammonth31 = 2678400000;
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for(i=0;i

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