The S&P 500 rose more than 0.5% to record highs near 5,000 after strong US corporate earnings and rate cut comments from the Fed’s Neel Kashkari.
In our bonus deep dive interview, ANZ Chief Economist for Greater China Raymond Yeung has looked at what typically happens to birth rates in the year of the dragon, and why this Lunar New Year may be different.
5 things to know
The S&P 500 hit a new high overnight as further signs of resilience in the world’s largest economy emerged, and as Minneapolis Fed President Neel Kashkari touted the possibility of two to three rate cuts this year.
In New Zealand, the unemployment rate ticked up from 3.9% to 4% in the December 2023 quarter - a stronger reading than the Reserve Bank’s November forecast for a 4.2% unemployment rate.
ANZ NZ Research’s Henry Russell says the chances of February 28 rate hike increased after that stronger-than-expected labour market data. ANZ Research’s central view is still for the OCR to be held until an August rate cut.
The Reserve Bank of India is expected to hold its policy rate again tonight, says ANZ Economist Dhiraj Nim.
The Bank of Thailand held its policy rate steady, but two of the seven decision makers voted for a cut, signaling a pivot to an easing stance, says ANZ Research’s Krystal Tan.
Cheers
Bernard
PS: Catch you tomorrow with more on the RBI’s policy rate decision.
