5 in 5 with ANZ
5 in 5 with ANZ
Thursday: Swifties to boost Singapore GDP
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Thursday: Swifties to boost Singapore GDP

Taylor Swift to boost Singapore GDP in early 2024; China's renminbi hits a four-month high after Presidents meet; Tent sales pop up in NZ on El Nino hopes; Brian Martin on US industrial policy

China’s renminbi has strengthened to a four-month high on hopes for calmer US vs China relations and lower US market interest rates.

In part one of our bonus deep-dive interview, ANZ’s Head of G3 Economics Brian Martin explains the importance of the US pivot to massive infrastructure spending.

5 things to know

  1. WTI oil fell 2.5% to US$75.90/bbl after OPEC+ delayed its upcoming meeting about further production cuts. The US 2-year yield rose 5 bps to 4.93% on firmer US data, which boosted the US$ vs the A$ and NZ$ overnight.

  2. ANZ’s Head of Asia Research Khoon Goh explains why currencies such as the A$, NZ$ and yen have strengthened against the US dollar over the last week.

  3. Khoon says the renminbi’s rise to a four-month high also reflects hope for calmer China-US relations after last week’s meeting of Presidents Xi Jinping and Joe Biden, and a more positive outlook for China’s property sector.

  4. Sales of tents and awnings are up sharply in New Zealand because of growing (and desperate?) hope for a dry summer, says ANZ’s NZ Chief Economist Sharon Zollner.

  5. Singaporean GDP growth strengthened to 1.4% in Q3. Khoon sees Taylor Swift’s visit in February further boosting a tourism recovery.

Cheers

Bernard

PS: Have a great day and look out tomorrow morning for part two of Brian Martin’s deep dive into the US pivot to industrial policy, and how it’s changing the long-run outlook for interest rates globally.

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5 in 5 with ANZ
5 in 5 with ANZ
A daily podcast hosted by Bernard Hickey that gives you the five things you need to know about the global economy and markets in under five minutes. Plus a deep dive into emerging trends and issues featuring ANZ's global team of experts.