Global bonds and stocks sold off again this morning after the ECB pushed back against market views of early rate cuts and after US retail sales were stronger than expected.
In our bonus deep-dive interview, ANZ Chief Economist for Southeast Asia and India Sanjay Mathur finds out what’s behind a surprisingly strong recovery in Asia’s jobs markets after Covid.
5 things to know
US yields jumped after higher than expected US retail sales growth. European bond yields rose after ECB President Christine Lagarde said later cuts were more likely than early ones.
China now has a deflation problem, says ANZ’s Chief Economist for Greater China Raymond Yeung.
The Aussie and Kiwi dollars are falling vs the US dollar for their own seasonal reasons too, says ANZ’s Head of FX Research Mahjabeen Zaman.
Australian jobs growth data due today would have to be much, much stronger or weaker than expected to budge the RBA from its current hold stance, says ANZ Australia Economist Blair Chapman.
ANZ Economist Debalika Sarkar says an earlier than expected fall in inflation is likely to allow the Bangko Sentral ng Pilipinas to cut in Q4 of 2024, rather than early 2025.
Cheers
Bernard
PS: Look out tomorrow for detail on Australian jobs data due at 11.30 AEST.
