Geopolitical turmoil features in our first podcast of 2026, although markets are relatively relaxed. We also look ahead to big decisions at the Fed and the US Supreme Court, and look back to China inflation data and a record low for the Philippines Peso.
In our Deep-Dive interview, I talked with ANZ Group Chief Economist Richard Yetsenga about why financial markets are sanguine so far about the geopolitical turmoil over the last fortnight.
5 things to know in 5 minutes:
US jobs growth of 50,000 in December was less than expected, but unemployment also fell to 4.4%, thanks to a lower participation rate. ANZ Economist Henry Russell says downward revisions to previous months reflected the effects of the US Government shutdown and the Fed is on track to cut in March and June.
Henry says markets this week will be keeping a close eye on the US Supreme Court for news of possible refunds of tariffs, after it delayed a decision that was expected on Friday. It’s now seen possible on Wednesday.
Australian inflation data for November was released last Wednesday and ANZ’s Head of Australian Economics Adam Boyton says it showed underlying inflation in the final quarter of 2025 of about 0.8%, in line with Reserve Bank of Australia forecasts.
Inflation data from China last Friday showed an increase in consumer prices in December, thanks to higher food prices, which created the highest monthly inflation in nearly three years, says ANZ’s Senior China Strategist Zhaopeng Xing.
The Philippines peso hit a record low on Friday after the central bank signalled more rate cuts, says ANZ’s Head of Asia Research Khoon Goh.
Cheers,
Bernard.
Catch you tomorrow with a closer look at the year ahead in Asia outside of China with Khoon Goh.
