Markets are mixed ahead of key US inflation data tonight. China lets its currency strengthen in what could be a signal before trade talks. Australian firms’ capex plans lift. And New Zealand businesses are still struggling.
In our Deep Dive interview, ANZ Chief Economist for Southeast Asia and India Sanjay Mathur outlines his findings from a recent trip to Malaysia.
5 things to know in 5 minutes:
Markets meandered ahead of key US inflation data tonight. In other global news, China’s authorities have continued to let its currency strengthen in recent days, which has caught the eye of ANZ Chief Economist for Greater China Raymond Yeung.
Australia’s Q2 capital expenditure rose 0.2% in the quarter, after a fall in Q1, and future capex plans rose. ANZ Senior Economist Adelaide Timbrell says capex has largely gone sideways in recent years.
ANZ’s New Zealand Business Outlook showed headline confidence rising another two points in August to a net 50% expecting better conditions. ANZ New Zealand Chief Economist Sharon Zollner says there were some concerns though.
Sharon says at least some sectors that needed a boost - like retail - got a bit of a bump.
The Philippines central bank cut rates for the third time in a row to 5% as expected. Meanwhile, the Bank of Korea left rates on hold at 2.5%, although not unanimously. ANZ Economist Krystal Tan says a shift in the forward guidance towards a cut was notable.
Cheers,
Bernard.
PS: Catch you next week as we get ready for Australia’s Q2 GDP figures.
