Global stocks start the week near record highs, with all eyes on US inflation figures for confirmation the Fed can ease this year. China’s economy is showing early signs of recovery. New Zealand manufacturing is still contracting, but at a slower rate.
In our bonus deep dive interview, ANZ Australia Head of Economics Adam Boyton previews the Australian Federal Budget due at 7.30pm Canberra time on Tuesday.
5 things to know:
US stocks rose to near record highs. European stocks hit fresh highs. Stocks also surged in China on hopes for economic recovery. ANZ Group Chief Economist Richard Yetsenga will watch China’s retail sales and factory output data later this week for signs the recovery is bedding in.
The key Australian data this week comes from wages and unemployment data due on Wednesday and Thursday respectively.
US inflation data on Wednesday will give new clues on whether and when the Fed can start cutting rates.
China CPI inflation data over the weekend was slightly better than expected, says ANZ China Senior Strategist ZhaoPeng Zing.
New Zealand’s manufacturing output contracted again in April, albeit at a slower rate, says ANZ New Zealand Senior Economist Miles Workman.
Cheers
Bernard
PS: Catch you tomorrow with a preview of US inflation data this week.
