Markets are becalmed ahead of key US inflation data due tonight, which is expected to allow the Fed to hold its key policy rate again.
In our bonus deep-dive interview, ANZ’s Head of G3 Economics Brian Martin dissects the inflationary pressures in the all-important US labour market.
5 things to know
The S&P 500 is unchanged and the Nasdaq is down 0.2% at 5am AEST. The A$ is nudging higher at 63.87 USc. NZ$ is up a touch at 58.90 USc. Oil rose US$1.10/bbl to US$83.35 for Brent after a solid OPEC demand forecast.
US inflation data due tonight is expected to show core inflation still uncomfortably high at 4.3%, says ANZ Senior Economist Tom Kenny.
India’s annual CPI inflation rate fell to 4.87% in October from 5.02% in September, but core inflation of 4.25% was lower than forecast and the Reserve Bank of India is expected to remain on hold.
China’s aggregate financing growth of 9.3% in October from a year ago remained weaker than expected below 10%.
Gold’s performance as a safe haven after the start of the Israel-Hamas war has been stronger than for previous crises, thanks to central bank buying, says ANZ Senior Commodities Strategist Daniel Hynes.
Cheers
Bernard
PS: Have a great day and look out tomorrow for the detail from US inflation data tonight.
