Global markets are solid ahead of key US inflation data tonight. Australian households spent up during October sales. Australia’s gold exports continue to climb. And there are positive signs for New Zealand’s Q3 growth.
In our Deep-Dive interview, ANZ Head of Asia Research Khoon Goh looks at what’s in store for the Yuan and Rupee next year.
5 things to know in 5 minutes:
Global markets are treading water ahead of key US inflation data due tonight. ANZ Economist Bansi Madhavani says Personal Consumption Expenditure or PCE inflation data is expected to show a 0.2% rise in the measure most closely watched by the Fed ahead of its decision next week..
Australian household spending rose 1.3% in October - more than double market expectations. ANZ Economist Aaron Luk says that was the strongest monthly increase since January 2024.
Aaron says Q3 national accounts data earlier in the week had indicated weakness in discretionary spending. But he says consumers appeared to just be waiting for discounting events.
Australia’s goods trade balance rose to $4.4 billion in October from $3.7 in November as export value growth of 3.4% outpaced imports at 2%. ANZ Economist Sophia Angala says a 14.2% month-on-month rise in non-monetary gold exports led the rise.
New Zealand building work put in place - a key partial GDP indicator - rose 1.5% in Q3, in line with ANZ Research’s expectation. ANZ Senior Economist Matthew Galt says the rise went some way to reversing a 2.4% drop during a weak Q2.
Cheers,
Bernard.
Catch you next week as we look ahead to rate decisions in Australia and the US.
