5 in 5 with ANZ
5 in 5 with ANZ
Friday: Oil prices slump on US demand worry
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Friday: Oil prices slump on US demand worry

WTI down 5% after US stocks rise more than expected; US 10-yr down to 4.47% as US manufacturing contracts; RBA to look through noisy Australian jobs growth; Krystal Tan on Asian balances of payments

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

  1. Oil prices slumped again overnight after US inventories rose more than expected.

  2. The US 10-year Treasury yield fell back below 4.5% after weaker than expected US manufacturing data.

  3. ANZ Senior Commodities Strategist Daniel Hynes says oil markets are taking a glass half empty approach to IEA demand and supply outlooks.

  4. 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.

  5. 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.

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5 in 5 with ANZ
5 in 5 with ANZ
A daily podcast hosted by Bernard Hickey that gives you the five things you need to know about the global economy and markets in under five minutes. Plus a deep dive into emerging trends and issues featuring ANZ's global team of experts.