New sanctions on Russia’s oil exports are driving prices, for now. India’s rupee hits a record low. Australian consumer confidence is holding up over summer and business confidence improves again in New Zealand.
In our bonus deep dive interview, ANZ Head of G3 Economics Brian Martin reviews why the market has swiftly rowed back US rate cut bets in the early weeks of 2025.
5 things to know in 5 minutes:
Global markets are broadly on hold this morning until key US inflation data due tonight. Oil prices have risen 4% in recent days after the United States imposed new sanctions on Russian oil exporters. ANZ Senior Commodity Strategist Daniel Hynes says the sanctions will mostly have a short term effect.
ANZ Roy Morgan Australian consumer confidence largely held onto its New Year gains last week. ANZ Economist Maddy Dunk says people often feel a bit chirpier over the holiday period.
New Zealand’s economy appears to have come out the other side of last year’s recession in the final quarter of the year, says ANZ Senior Economist Miles Workman following yesterday’s NZIER’s Quarterly Survey of Business Opinion.
India’s currency hit a record low this week of 86 rupee to the US dollar. ANZ Chief Economist for Southeast Asia and India Sanjay Mathur says the fall is being allowed to occur.
Sanjay says while a weaker currency will push up imported energy costs, India’s economy is in need of support for its export-focussed manufacturing sector.
Cheers,
Bernard
PS: Catch you tomorrow with a preview of Australia’s December jobs market data.
