Stocks rise and Treasury yields fall on hopes the Strait of Hormuz will open soon. ANZ Research updates its Fed call to a longer hold. Australian spending and job ads rise. And New Zealand’s jobless rate is set to rise in labour force data out later today.
In our deep-dive interview, ANZ Chief Economist for Southeast Asia and India Sanjay Mathur looks at whether the Reserve Bank of India’s (RBI) moves to attract foreign currency inflows are working.
5 things to know in 5 minutes:
US stocks rose and Treasury yields fell after US Treasury Secretary Scott Bessent said a deal to open the Strait of Hormuz may come in the next day or two. Meanwhile, ANZ Research has updated its Fed call to a prolonged hold into 2028, from a cut at the end of 2027 following last week’s FOMC meeting, says ANZ Economist Bansi Madhavani.
ANZ-Roy Morgan Australian Consumer Confidence lifted 3.5 points last week to 74.7. ANZ Economist Sophia Angala says all subindices moved higher and inflation expectations dropped.
Australian households increased their spending in June by 0.8%, when just 0.2% growth had been expected. Sophia says transport spending rose 3% in the month.
There were signs of continued strength in Australia’s labour market in July, according to the latest ANZ-Indeed Job Ads series. ANZ Economist Jasmine Zheng says ads were up 0.8% in the month to be up nearly 2% annually. They’re still up 16% against the average between 2010 and 2019.
New Zealand releases second quarter jobs data today. ANZ Senior Economist Miles Workman expects the unemployment rate to lift 0.2 percentage points to 5.5% and flat jobs growth in the quarter.
Cheers,
Bernard.
PS: Catch you tomorrow with reaction to the RBI decision and New Zealand’s jobs data.
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