US stocks are solid after a 10-day ceasefire between Israel and Lebanon was announced, but oil has risen as the Strait of Hormuz remains closed. And Australia’s jobs market doesn’t tighten, which may help the Reserve Bank of Australia.
And then in our deep-dive interview, ANZ Chief Economist for Greater China Raymond Yeung analyses China’s economic prospects after a strong Q1.
5 things to know in 5 minutes:
US stocks are solid after Donald Trump announced a 10-day ceasefire between Israel and Lebanon. Oil prices rose though, with West Texas up nearly 5% to almost US$99 a barrel with little sign of an imminent re-opening of the Strait of Hormuz. Meanwhile, the European Central Bank released minutes from its latest decision that effectively ruled out a hike later this month, says ANZ Economist in London Henry Russell.
Australia’s unemployment rate stayed at 4.3% as employment rose by 18,000 in the month, which was close to expectations. ANZ Economist Aaron Luk says there’ll be some relief for the RBA in that conditions didn’t tighten.
New Zealand’s house prices rose by 0.3% in seasonally adjusted terms in March, according to ANZ Research analysis of Real Estate Institute data. ANZ Senior Economist Miles Workman says momentum was unexpectedly firm against the backdrop of the worsening Middle East conflict.
However, Miles says the momentum is not enough to challenge ANZ Research’s forecast that New Zealand house prices are set to drop this year.
China reported Q1 GDP growth of 5% from a year ago, which was at the top of the expected range. ANZ Chief Economist for Greater China Raymond Yeung says manufacturing and industrial production led the way.
Cheers
Bernard.
PS: Catch you on Monday with developments from the Middle East conflict over the weekend.
