Oil prices rose to almost US$95 a barrel overnight. Australia’s economy is showing early signs of perking up ahead of minutes today from the RBA.
In our bonus deep-dive interview, ANZ Senior Commodities Strategist Daniel Hynes looks at the IEA’s prediction that oil demand will begin falling before 2030.
5 things to know
Brent oil rose again overnight to almost US$95/barrel. Daniel Hynes sees extended production cuts by Saudi Arabia and Russia creating deficits of around two million barrels a day.
Australia’s economy is showing some early signs of perking up, says ANZ’s Head of Australian Economics, Adam Boyton.
Adam is watching the RBA’s minutes later today for whether it looked again at hiking earlier this month.
He’s also watching for the RBA’s views on the stickiness of Australia’s services sector inflation and the extent of the labour market’s slowdown.
Signs of stabilisation in China’s economy and the PBoC’s ongoing support mean the yuan (CNH) is unlikely to revisit recent lows, says ANZ’s Head of FX Research Mahjabeen Zaman.
Cheers
Bernard
PS: Look out tomorrow for the detail from the RBA’s minutes and previews of rates decisions by the Fed, and central banks in the Philippines and Indonesia.
