Global stock and bond markets are mostly steady ahead of Fed testimony and non-farm payrolls data later this week. Gold jumped near to record highs of US$2,100/oz. All eyes in China are on the National People’s Congress for a new GDP target.
In our bonus deep dive interview, ANZ Senior China Strategist Zhaopeng Xing highlights the role climate policy will play in this week’s National People’s Congress.
5 things to know:
Markets were steady overnight ahead of Fed Chair Jerome Powell testifying to Congress on Wednesday and Thursday, and non-farm payrolls data on Friday. China is expected to announce its 2024 GDP growth target later today.
Australia’s housing approvals are failing to keep up with record population growth, ANZ Senior Economist Adelaide Timbrell says. Approvals fell 1% in January, following a 10.1% drop in December.
Weaker-than-expected business indicators data mean Australia’s December quarter GDP data due on Wednesday could be weaker than forecast, ANZ Senior Economist Blair Chapman says.
The ANZ-Indeed Australian job ads series resumed its downward trend during February, providing scope for the unemployment rate to fall further, ANZ Economist Maddy Dunk says.
South Korean GDP data later today is expected to show 0.6% growth in the December quarter and 2.2% from the same quarter a year ago, buoyed by strength in semi-conductor sales, ANZ Economist Krystal Tan says.
Cheers
Bernard
PS: Catch you tomorrow with a preview of Australia GDP.
