US stocks fall on a lack of trade deals ahead of tomorrow’s FOMC decision. The US trade deficit blows out on import stockpiling ahead of Trump’s tariffs. The UK signs a trade deal with India, and China’s consumers spend strongly over a holiday weekend.
In our bonus Deep Dive interview, ANZ’s Senior Rates Strategist Jack Chambers explains how Australia’s A$4 trillion pension savings system is reducing the nation’s previous reliance on foreign capital.
5 things to know in 5 minutes:
US stocks are down in a holding pattern ahead of tomorrow’s Fed decision, which is expected to be a hold, says ANZ Economist Bansi Madhavani.
US trade data for March showed a blowout to a goods trade deficit of US$163.5 billion, as importers scrambled to get shipments over the border before Trump’s tariff announcements on April 2, says Bansi.
The United Kingdom has signed a trade deal with India overnight, Bansi reports.
Government incentives and subsidies helped drive strong growth in travel, hospitality and appliance spending over the Labour Day holiday weekend, says ANZ Senior China Strategist Zhaopeng Xing.
Australian consumer spending volumes were weak in march, ANZ Australia economist Aaron Luk says.
Cheers,
Bernard
PS: Catch you tomorrow with analysis of New Zealand jobs figures due later today, where ANZ Research expects a rise in the unemployment rate to 5.3% from 5.1% and 0.1% jobs growth in the March quarter.
