Markets are steady ahead of the Fed’s expected rate cut tomorrow. Australia’s disinflation progress is set to have stalled in Q3. And South Korea gets a GDP growth bump from a mid-year fiscal stimulus.
In our Deep-Dive interview, ANZ Senior Commodities Strategist Daniel Hynes looks at how US sanctions on Russian oil companies might affect the global market.
5 things to know in 5 minutes:
Markets were steady ahead of the Federal Reserve’s US rate decision tomorrow. ANZ Group Chief Economist Richard Yetsenga expects a 25 basis point cut and announcement that quantitative tightening is coming to an end.
Australian disinflation progress likely stalled in the third quarter, says ANZ Senior Economist Adelaide Timbrell. Adelaide is forecasting headline inflation of 1.2% in the quarter, well up on Q2’s 0.7%. That would see a headline rate of 3.1%.
Australian consumers’ inflation expectations ticked up last week ahead of the data, according to the ANZ-Roy Morgan Australian Consumer Confidence series. ANZ Economist Sophia Angala says inflation is set to fall again though.
Headline ANZ-Roy Morgan Australian Consumer Confidence rose 1.8 points in the week to 85.5, led by improving household confidence in their own finances.
South Korea’s GDP grew 1.2% in the third quarter, which was above expectations. ANZ Economist Krystal Tan says a mid-year fiscal stimulus led to a bump in consumer spending.
Cheers,
Bernard.
PS: Catch you tomorrow with what Australia’s Q3 inflation data could mean for the RBA.
