US stocks are down this morning on concerns about higher interest rates for longer and a slide in US consumer confidence
In our bonus deep-dive interview, ANZ’s Head of Asia Research Khoon Goh details a couple of new leading indicators for Asian GDP growth.
5 things to know
The S&P 500 is down 1.2% in late trade on ‘higher-for-longer’ interest rates. US 10 Year Treasury yields are up 20 basis points to 4.55% in the last week, but were flat overnight, as at 5am AEST.
The US Conference Board’s measure of consumer confidence fell 5.7 points to 103 in September. Higher fuel prices were a factor.
ANZ’s Head of Australian Economics Adam Boyton sees Australia’s annual CPI inflation rate unchanged at 4.9% in August data due today. Petrol prices are the key.
Adam says the RBA will be wary of reacting to any higher headline number driven by petrol prices. It’s watching for second round effects.
ANZ NZ’s ‘Truckometer’ Index showed a rebound in heavy truck movements in August, indicating momentum in the economy, says ANZ NZ Economist Andre Castaing.
Cheers
Bernard
PS: Have a great day. Look out tomorrow for the latest on Australian inflation.
