US inflation was flat at 0.2% in July, which reinforced expectations the Fed will pause rate hikes next month. Strike threats on the Northwest Shelf are hitting global LNG markets. The RBI held rates with a hawkish twist.
In our deep-dive-in-five interview, ANZ’s Group Chief Economist Richard Yetsenga explains why China can’t just flick the stimulus switch again to combat its growth slowdown.
5 things to know
US CPI and core CPI inflation was flat at 0.2% in July. ANZ’s Senior International Economist Tom Kenny says the data overnight points to the Fed skipping another rate hike next month.
Strike threats from Chevron and Woodside workers are unnerving global LNG markets. ANZ’s Senior Commodities Strategist Daniel Hynes says Europe’s pivot from Russian gas to LNG is amplifying the rise in LNG prices.
Australian consumers spent 8% less through their ANZ cards last week, vs a year ago. ANZ’s Australian Economist Maddy Dunk says hairdressers are talking about a ‘blonde recession’.
The Reserve Bank of India has held its key rate at 6.5%, but with a hawkish twist to mop up excess liquidity, says ANZ’s Chief Economist for Southeast Asia and India Sanjay Mathur.
ANZ’s Agriculture Economist Susan Kilsby has cut her NZ milk payout forecast for a second time in a month. China’s consumers are spending less on luxury items, such as baked goods that include milk powder as an ingredient.
Have a great weekend
Bernard
PS: Look out next week for minutes from the FOMC and RBA, plus a decision from the RBNZ.
