Risk-sensitive currencies are down after the EU warned Trump’s 30% tariffs on exports would stop trade across the Atlantic. Elsewhere, China reports better-than-expected exports, while Singapore’s GDP outperforms.
In our deep dive interview, ANZ Senior Commodities Strategist Daniel Hynes explains why metals prices for batteries have slumped so much.
5 things to know in 5 minutes:
The European Union has warned that Donald Trump’s threatened 30% tariffs from August 1 would shut down trans-Atlantic trade, says ANZ Economist Bansi Madhavani.
Bansi says markets will focus tonight on US CPI data for June, with core inflation expected to have risen around 0.3% for the month from May.
China’s exports rose 5.8% in June from May, which was better than expected, says ANZ Asia Economist Vicky Xiao Zhou.
Singapore’s GDP growth of 4.3% in the June quarter from a year ago was also better than expected, ANZ Head of Asia Research Khoon Goh says.
New Zealand’s services sector contracted for a second consecutive month in June, according to the BusinessNZ-BNZ PSI survey. ANZ Economist Matt Galt says it adds to the wider picture of the New Zealand economy stalling over Q2.
Cheers,
Bernard.
PS: Catch you tomorrow with with reaction and analysis on US CPI data.
