US stocks soften and gold rises overnight as fears grow about a US Government shutdown. The Reserve Bank of Australia holds rates, and there’s renewed doubt about a cut in November. So the Aussie dollar rose against both the US dollar and Kiwi.
In our Deep-Dive interview, ANZ New Zealand Chief Economist Sharon Zollner says there was a hint of Spring in the latest ANZ Business Outlook for September.
5 things to know in 5 minutes:
Global markets wobbled overnight with growing fears of a US Government shutdown. Gold rose 0.5% to US$3873/oz. Meanwhile the Reserve Bank of Australia held its cash rate at 3.6% as expected yesterday, but without any guidance, says ANZ’s Head of Australian Economics Adam Boyton.
Adam says he still sees one more cut to 3.35% happening in November, but the chances are growing it may not happen until 2026.
ANZ’s Roy Morgan survey of Australian consumer confidence found a rise last week after two weeks of declines, says ANZ Economist Sophia Angala.
Adam says a 0.6% rise in Australian private sector credit in August from July was in line with expectations, but two trends are emerging beneath the surface.
ANZ’s New Zealand Business Outlook survey of business confidence showed sentiment about the economy was unchanged in September, with some hints of Spring showing through, says ANZ New Zealand Chief Economist Sharon Zollner. However, Sharon says there was a shift in sentiment after Q2 GDP data came out showing a 0.9% contraction.
Cheers,
Bernard.
PS: Catch you tomorrow with the latest Reserve Bank of India rates decision.
