Gold and US stocks jump back to near their record highs overnight. China is on track to meet its 5% GDP growth target this year, with production and exports still going strong, despite all sorts of tariff drama.
In part two of our Deep-Dive interview, ANZ’s Head of Geopolitical Risk, Cameron Mitchell talks about a new era for geopolitics and trade, how long it might last, and who’s winning so far.
5 things to know in 5 minutes:
China is on track to achieve its 5% GDP growth target for 2025 after reporting 4.8% growth in the September quarter, which met expectations, says ANZ’s Greater China Chief Economist Raymond Yeung.
China’s still growing solidly, but has yet to manage to switch from investment and production to consumption and spending, says Raymond.
Raymond says it will be difficult for China’s consumers to power stronger growth until the property market slump ends to take away the wealth effect’s drag on spending.
New Zealand’s annual inflation rate rose from 2.7% to 3.0% in the September quarter, which puts it at the top of the Reserve Bank’s 1-3% target range. But the rise was in line with the RBNZ’s forecasts, says ANZ Senior Economist Miles Workman.
The biggest driver of New Zealand’s inflation in the quarter was non-tradable inflation, which was 3.5% in the September quarter from a year ago. Council rates were the main component, says Miles.
Cheers,
Bernard.
PS: Coming up tomorrow we’ll find out how confident Australian consumers are.
PPS: Our apologies for the late filing of this edition. We got hit by the big AWS outage overnight.
