Global stocks are on the rise, while gold and oil prices fell overnight on easing tensions in the Middle East. Chinese authorities move to boost Hong Kong’s stock market. The copper price is on a tear.
In our bonus deep dive interview, ANZ Group Chief Economist Richard Yetsenga takes a closer look at Australia’s worsening housing affordability, and why boosting housing supply may not be enough on its own.
5 things to know:
Key global stock markets rose overnight, while gold and oil prices fell. ANZ Senior Commodities Strategist Daniel Hynes says concerns have eased around Middle East tensions disrupting global oil supplies.
The Hang Seng closed up 1.8% overnight after China’s securities regulator announced five measures to boost the Hong Kong stock market. ANZ’s Chief Economist for Greater China Raymond Yeung says encouraging China’s largest companies to list in Hong Kong is the most important.
But will these changes make it easier for Chinese investors to shift their money into Hong Kong dollar-denominated stocks? Raymond says authorities will be cautious around allowing southbound outflows due to exchange rate pressures.
Daniel Hynes says copper’s 16% rally this year was initially driven by supply disruption, but increased demand is now supporting prices too.
ANZ Head of Asia Research Khoon Goh expects data today to show Singapore’s headline inflation rate to fall to 2.8% in March from 3.4% in February, mainly due to a fall in car certificate prices. He says the MAS won’t move this year.
Cheers
Bernard
PS: Catch you tomorrow with part two of that deep dive interview with Richard Yetsenga on options for solving Australia’s worsening housing affordability.
