Oil prices are steady and global stocks were mixed overnight. India holds rates as it watches for inflation. And New Zealand’s unemployment rate jumps more than expected to an 11-year high of 5.6%.
In our deep-dive interview, ANZ Economist Maddy Dunk says Australia’s housing market downturn has broadened beyond just Sydney and Melbourne.
5 things to know in 5 minutes:
Oil was steady and stocks were mixed during a relatively quiet session overnight. Meanwhile, as central banks continue to grapple with effects of the Middle East conflict, the Reserve Bank of India left its key rate on hold at 5.25%. ANZ Economist Dhiraj Nim says the RBI is waiting to see if energy inflation appears in more general prices. But he thinks there are signs price pressures are spreading.
New Zealand’s unemployment rate jumped to an 11-year high of 5.6% in the second quarter, above market expectations and the Reserve Bank’s forecast of 5.4%. ANZ Senior Economist Matthew Galt says employment did rise by 0.5%, but there was ongoing weakness in the jobs market.
Matt says the data doesn’t change ANZ Research’s view that the Reserve Bank of New Zealand is set to lift the OCR in each of its next two meetings.
The private Rating Dog Services PMI for China was weaker than expected in July yesterday, following a weak manufacturing print earlier this week. ANZ Senior China Strategist Zhaopeng Xing says global uncertainty and bad weather are having temporary impacts on the economy.
Indonesia’s growth slowed in the second quarter, but by less than expected at 5.29% from a year ago. ANZ Economist Krystal Tan says investment and fiscal spending underpinned the strength.
Cheers,
Bernard.
PS: Catch you tomorrow with a look at how Australia’s trade balance performed in June.
