Oil prices fell sharply overnight on signs of slowing US demand, while bond yields fell after weak US manufacturing data.
In our bonus deep-dive interview, ANZ’s Asia Economist Krystal Tan dissects the effects of high US interest rates and diverging commodity prices on the balances of payments for India, Philippines, Malaysia, Thailand and Indonesia.
5 things to know
Oil prices slumped again overnight after US inventories rose more than expected.
The US 10-year Treasury yield fell back below 4.5% after weaker than expected US manufacturing data.
ANZ Senior Commodities Strategist Daniel Hynes says oil markets are taking a glass half empty approach to IEA demand and supply outlooks.
The RBA is likely to look through stronger than forecast Australian jobs growth figures because part-time and temporary jobs for The Voice referendum made the data noisy, ANZ Australia Economist Blair Chapman says.
The Central Bank of Philippines held its policy rate at 6.5% overnight after inflation decelerated, but is expected to keep a hawkish bias.
Cheers
Bernard
PS: Have a great weekend and look out on Monday for a preview of the week ahead.
