Gold slumps as traders take profits and trade fears ease. Japan has a new Prime Minister. And Australian Consumer Confidence recovers slightly, as the RBA keeps a close watch.
In our Deep-Dive interview, we talk to Austrade CEO Paul Grimes about the potential for deeper trade connections between Australia and Southeast Asia.
5 things to know in 5 minutes:
The Gold price slumped 5-6% overnight as traders took profits and fears eased about the US-China trade war. Meanwhile, Sanae Takaichi became Japan’s Prime Minister. ANZ FX Analyst Felix Ryan says Takaichi has previously indicated a preference for the Bank of Japan to normalise policy more slowly.
ANZ Roy Morgan Australian Consumer Confidence improved by a point to 84 last week. ANZ Economist Sophia Angala says the four-week average is still near a 12-month low.
Sophia says The Reserve Bank of Australia has been keeping an eye on consumer confidence levels lately, with Assistant Governor Sarah Hunter noting last week that it was at a relatively subdued level.
New Zealand’s seasonally adjusted goods trade balance was a surplus of $400 million in September, the largest since 2020. ANZ Senior Economist Matt Galt says there were strong export volumes and prices, while subdued domestic demand kept imports restrained.
Malaysia’s economy reported bumper third quarter growth at 5.2% from a year ago, against expectations for 4.2%. It was driven by strength in mining and quarrying. ANZ Economist Arindam Chakraborty says there are signs of softening ahead though.
Cheers,
Bernard.
PS: Catch you tomorrow with a rate decision from Bank Indonesia.
