Here’s our summary of key events overnight that affect New Zealand, with news China’s factories are now experiencing sudden deflation and their housing developers are in a big chill. American job openings fell for a second straight month in July amid decreases in wholesale trade and the federal government. Even though the change was small it is being seen as bolstering views that job growth has peaked. Q3 growth estimates are now down to +1.5% pa and that is almost its lowest since 2017. Small business optimism has now fallen to a five month low, not because current conditions are weak but because future ones are more uncertain. And things are not great for American car makers. Moody’s has cut Ford’s credit rating to a junk Ba1 as doubts rise over their future. Further, a second White House official is also warning American’s to “be patient” over the US China trade talks. Reality is sinking in there that trade wars are not “easy to win”. To the north, things are a little brighter. Canada’s housing starts rose more than expected as did their building permits, boosted by large apartment developments. Toronto’s hous...