An end to the US Government shutdown nears as traders wait on delayed data for a picture of the US economy. Oil falls over 4% on oversupply concerns. And Australian housing lending to investors jumped to a record high in the third quarter.
In our Deep-Dive interview, ANZ New Zealand Chief Economist Sharon Zollner reviews a nascent recovery in consumer spending evidenced by ANZ card spending data.
5 things to know in 5 minutes:
US stocks traded lower overnight and Treasury yields fell ahead of an expected end to the US government shutdown later today. ANZ Economist Bansi Madhavani says the focus is turning to what type of picture delayed data releases will show about the US economy. Meanwhile, oil prices fell 4% on oversupply concerns.
In Australia today, October jobs data will provide a steer on what the Reserve Bank of Australia is facing on the employment side of its mandate, after an inflation surprise last week. ANZ Economist Aaron Luk is forecasting unemployment to tick down to 4.4% and employment growth of 15,000.
The number of new Australian housing loans increased 6.4% in the September quarter. ANZ Economist Maddy Dunk says investors outshone owner occupiers.
Maddy says Q3 took both the value and number of investment loans to a record high.
India’s annual inflation fell to a record low of 0.25% in October, driven by food price deflation of 5% over the year. ANZ Economist Dhiraj Nim says there is scope for a 25 basis point cut to rates in December.
Cheers,
Bernard.
PS: Catch you tomorrow with what today’s Australian jobs market data could mean for the RBA.
