US stocks rally on growing expectations, again, that the Fed will cut rates next month. There’s another weak business sentiment survey out of the US, and the Reserve Bank of India intervenes to stop the rupee falling.
In our Deep-Dive interview, ANZ New Zealand’s Chief Economist Sharon Zollner previews tomorrow’s rates decision by the Reserve Bank of New Zealand.
5 things to know in 5 minutes:
US stocks are rallying into the close this morning as market expectations grow again that the Fed will be able to cut next month. The overnight swaps market is pricing in an 85% probability of a cut, says ANZ’s Head of G3 Economics Brian Martin reports.
The Dallas Fed’s survey of manufacturing found another easing in business conditions to back up those views about a Fed cut, says Brian.
Brian is also looking out for US retail sales data for September, which is expected to show a rise of just 0.3%, which is consistent with GDP growth of about 2%.
The Reserve Bank of India intervened to buy the rupee overnight, moving to stabilise it just above its all-time low of 89.49 rupee to the dollar, says ANZ Economist Dhiraj Nim.
Singapore’s annual inflation rate jumped to 1.2% in the September quarter from 0.7% in the June quarter, which was more than the market expected, says ANZ’s Head of Asia Research Khoon Goh.
Cheers,
Bernard.
Catch you tomorrow with a deeper dive interview with Khoon Goh into what the Monetary Authority of Singapore might do next.
