Markets shrugged off weaker Australian jobs figures. UK and Japan GDP contracted. US retail sales were weak. NZ migration hit record highs in calendar 2023, which RBNZ Governor Orr is expected to talk about today as an inflationary factor.
In our bonus deep dive interview, ANZ Senior Asia Rates Strategist Jennifer Kusuma reviews the decisive win by Prabowo Subianto and Gibran Rakabuming Raka in Indonesia’s Presidential elections, which has buoyed financial markets.
5 things to know:
Australian jobs growth of 500 in January was well below the 25,000 expected. ANZ Senior Economist Blair Chapman looks at whether this is enough to bring forward rate cuts by the Reserve Bank of Australia. He says not yet. February data will be the key.
Blair says January’s figures showed continued weakness in people entering full-time employment, which the RBA will be watching.
Japan and Britain are both now formally in recession. US retail sales growth data overnight was soft. ANZ Head of G3 Economics Brian Martin sees diverging rates and growth outlooks between the US vs Japan, China, the UK and Europe.
NZ net migration hit record highs in calendar 2023. ANZ Senior Economist Miles Workman says the Reserve Bank of New Zealand is looking at whether migration is adding more to demand than supply.
Singapore’s Government is set to report budget surpluses today, ANZ Head of Asia Research Khoon Goh says.
Cheers
Bernard
PS: Look out on Monday for reaction to Reserve Bank of New Zealand Governor Adrian Orr’s speech to an economy forum today.
