US stocks firm, but oil prices slide after another slump in US consumer confidence drove growth views and Treasury yields lower. Australian consumer confidence falls, and Australia’s inflation rate is forecast to be lower in March quarter data out today.
In our bonus Deep Dive interview ANZ Head of Asia Research Khoon Goh analyses Vietnam’s growth prospects as it scrambles to get a trade deal with the United States.
5 things to know in 5 minutes:
US stocks rose 0.6% and US Treasury yields fell around four basis points after another slump in US consumer confidence was reported, and after a slide in US job openings, says ANZ’s Head of G3 Economics Brian Martin. Oil prices fell 2.7% on lower expectations for US demand.
However, US consumer inflation expectations went the other way, which the Fed will be watching, says Brian.
US trade data for March showed another worsening of the US trade deficit as importers scrambled to get goods in before the arrival of tariffs in early April, says Brian.
The ANZ Roy Morgan survey of Australian consumer confidence found a fall in confidence last week, likely due to the uncertain global backdrop, says ANZ Senior Economist Adelaide Timbrell.
Adelaide is forecasting data due later today will show Australia’s inflation rate fell in the March quarter, potentially ahead of a rate cut in May.
Cheers,
Bernard
PS: Catch you tomorrow with analysis of what that Australian inflation data today will mean for interest rates.
