Interest rate at 5. 5 . Of course, dave, it is widely expected all 20 economists we surveyed expected as much. But the question is really whether or not governor adrian orr will sound hawkish, given that inflation is still far from where he wants it to be, which is one, two, 3 right now. We had headline inflation in the Second Quarter at about 6 . So rbnz staying pat for a second time in a row at 5. 5 . Remember, this is the central bank that has done 525 basis point hike. It has been pretty aggressive ahead of the curve, way ahead of the fed. And now it is keeping its rate standing pat at 5. 5 for a second time in a row. Dave. Yep. Yeah. So were looking at, to your point there where there is some commentary on inflation and how restrictive rates are and theyre saying already restrictive and that should be enough to return inflation to target. Were just going through some of the phrasing here on the statement because that i guess in some ways, short of hearing from the governor himself
Good morning and welcome to daybreak australia. I am paul allen in sydney. Annabelle i am annabelle dollars in hong kong. Shery the top stories this hour. A risk of open ahead as blakes u. S. Signals complicate the picture of the next fed move. Goldman sachs selling in a rate cut for the Second Quarter 2024. Chinas economy showing few signs of a rebound. Suspending trading monday on almost a dozen onshore bonds. Shery in winners erased the bulls closing in argentinas national elections. U. S. Futures coming on higher in the Asian Session after a very volatile friday session closed at a onemonth low for the s p 500. It was a really choppy trading session. Really close to the 50 Day Moving Average that could signal more losses. We are seeing more upside in the asian open for u. S. Futures after the nasdaq 100 notched its longest weekly losing streak this year already. Of course investors are really trying to digest the mixed economic picture with easing inflation worries and consumer in
Mining fees set to surge after china crack down on bitcoin operations. Another day, another on bitcoin, right . We cant stop watching the cryptocurrency markets, but so watching lots of Economic Data. I want to just point out one that we had this morning. Jobless claims spiking tota threemonth high. Guys, take my chart. 5444, these numbers can be quite volatile. N september, those jobless on the backrose of the hurricanes. However, as you can see, relatively low still against the back drop of what weve seen in the last few years, isnt really any that there is a turnaround here in the jobs market. This tight labor market es to get tighter and tighter which means, of course, well continue to hiking rates. Yeah. That we n the fact past now eform what does this mean for companies . Saw walmart with news of raising the minimum wage to 11 per hour. Tight in the you cant t exactly add more jobs but aising wages, that will be ey, although there are a lot of questions, how much will that add to
Slapping tariffs of 106 on imported aluminum foil. Beijing has hinted at a response. Li na the markets in the u. S. Tumbled today in reaction to the fed chairman jay powells testimony today. But if you look at several pieces of data, indicators and a buy signal relative to other markets in the u. S. G btv 672 which shows you the breadth of the market. Still of s p70 stocks are trading above their 200 day moving average. If you look over into europe, for instance, where you and i talked to a lot of investors, there is a lot of value in europe. Only 59 of stocks on the euro, the stoxx 600 index are trading above their 200 day moving average. , itn that smaller breath goes to show the european markets or others outside the u. S. Still have a bit of work to do before they flash a buy signal. Yvonne a great chart there. Given the turbulence we did see in february, were seeing more of a bounce back and the like the u. S. Compared to europe and asia. The breadth of the market in china not a s
Google takes a challenge to apple and amazon. The focus now is on Artificial Intelligence. Kathleen who will be the next fed chair . A story the keeps on giving. 24 hours ago we got news from bloomberg that trump aids that trump aides have given him a short list. Who trump is going to pick, nobody knows. Stan fischer would not say. Heu can get the sense is not in favor of girls for a fed chair. He thinks you have to have flexibility in be able to change very quickly. Whoously, no one will say will get it, but that is what everybody seems to be talking about. Yvonne nevertheless, market see them out. A slow grind this time around. Why we are talking so much about who the fed chair will be on this slow day. Ended 50 up. Nzx 50 up. But pretty much flat on the asx 200. Retail sales for august coming up in the next hour. Aussie continues to be continues to defy buyers. Still above that. 78 handle this morning. Japanese futures lower by 10 . A higher open in tokyo by about 70 points or so. D