The Strait of Hormuz remains shut to oil tankers as the Middle East conflict escalates. The US strikes Kharg Island & Iran attacks oil facilities in the UAE. Oil is expected to rise over US$100 a barrel in Asian trade later today.
And then our deep-dive interview, ANZ Group Chief Economist Richard Yetsenga analyses the risk now facing central banks and consumers as the Strait remains closed at the start of a third week.
5 things to know in 5 minutes:
The first US consumer sentiment survey taken since the closure of the Strait of Hormuz has found stable inflation expectations, says ANZ’s Head of G3 Economics Brian Martin.
US GDP rose at an annual rate of 0.7% in the December quarter, which was half the initial estimate. Core PCE inflation rose to 3.1% from 3.0%, says Brian.
ANZ Research has revised upwards its forecast for the Australian dollar at the end of the year to 75 USc from 73 USc, says ANZ’s Head of FX Research Mahjabeen Zaman.
Data due from China later today is expected to show a two-speed economy, with uneven retail sales growth, solid industrial production growth, but contracting investment, says ANZ Research Economist Vicky Xiao Zhou.
New Zealand’s manufacturing sector expanded solidly again in February, says ANZ Senior Economist Matt Galt.
Cheers
Bernard.
PS: Catch you tomorrow with a preview of the Reserve Bank of Australia’s decision tomorrow afternoon, which is expected to be a hike.
