US stocks and gold surge to fresh record highs. The ECB is set to cut rates in June. China’s exports beat expectations and all eyes are on US non-farm payrolls tonight for 200,000 jobs growth.
In our bonus deep dive interview, ANZ Economist Maddy Dunk looks at what’s driving a divergence in the economic and budget performances of Australia’s states and territories.
5 things to know:
US stocks rose another 1% to fresh record highs by 4.30 am Sydney/Melbourne time on hope the Fed can start cutting rates in June. Gold surged too to a new high over US$2,170/oz. Meanwhile, The ECB held rates overnight and is preparing to cut from June, says ANZ Economist Bansi Madhavani.
Exports from Mainland China beat forecasts in January and February. Growth is strong with ASEAN countries in particular, says Bansi.
Australian housing lending unexpectedly fell 3.9% in January. ANZ Senior Economist Adelaide Timbrell cites fewer home listings, sales and new builds.
Australia’s trade surplus of A$11 billion in January was below expectations, but included strong offshore demand for gold, says ANZ Economist Maddy Dunk.
Bansi is looking for 200,000 new jobs in US non-farm payrolls data tonight, with the Fed set to wait for more data before starting cutting from July.
Cheers
Bernard
PS: Enjoy International Women’s Day. Catch you on Monday with reaction to the US Non-Farm Payrolls data out tonight.
