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SGD

03 Dec 2024

Markets calm despite political turbulence

• Political news. Political developments in South Korea & ongoing issues in France dominated the international news flow the past 24hrs.• Calm markets. However, market spillovers were limited. European equities rose. USD held steady, as did AUD. NZD eased slightly.• AU growth. Q3 GDP released today. Partial data points to a pick up in activity. A ‘soft landing’ looks to be intact. RBA set to lag its global peers. News-wise there has been a lot going on but the geopolitical developments had limited spillover across markets overnight. In South Korea, after months of political deadlock President Yoon stunned the nation...

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28 Nov 2024

Hold the line

• Holiday markets. Limited moves with the US closed for Thanksgiving. Eurozone equities rose & yields dipped. USD tread water.• AUD holding. AUD little changed. RBA Governor Bullock spoke & noted that “underlying” inflation is too high to consider a near-term rate cut.• Data flow. EZ CPI due tonight. China PMIs tomorrow. Next week AU GDP is released, Fed Chair Powell speaks, & the US jobs report is out. With the US closed for the Thanksgiving holiday it was a quiet night on markets. Across in Europe, equities rose with the EuroStoxx600 ~0.5% higher, while bond yields declined. Bond yields...

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11 Nov 2024

Diverging trends

• Hold the line. US equities at record highs, while shifting spreads are supporting the USD. EUR at multi-month low. AUD drifting back.• AUD divergence. AUD losing ground to the stronger USD. But it is holding up on the crosses. We expect these trends to continue.• Data flow. AU business conditions out today, as is the UK jobs report. Several US Fed members speaking over the next few sessions. It has been a quiet start to the week. Unsurprising given the US bond market was closed for Veteran’s Day and the lack of data releases/new information to move the dial....

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07 Oct 2024

USD revival

• Stronger USD. A positive US jobs report has seen US rate expectations reprice higher, supporting the USD. AUD has fallen to mid-September levels.• China reopening. Financial markets in mainland China reopen today after a holiday. This will be in focus, as will a briefing by its economic planners.• Local events. Consumer confidence, business conditions, RBA meeting minutes, & speech by RBA Dep. Governor Hauser also on the radar. Last Friday’s stronger than anticipated monthly US jobs report generated a market jolt. The robust job creation (non-farm payrolls rose 254,000 in August), positive revisions to history, dip in the unemployment...

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01 Oct 2024

Middle East tensions rock the boat

• Geopolitics. Developments in the Middle East dampened sentiment. Equities & bond yields declined. USD a little firmer. AUD modestly lower.• Oil & vol. Brent crude prices increased, but now look to be tracking inline with fundamentals. Measures of volatility also not showing much stress.• NZD weaker. NZD fell, AUD/NZD rose. NZIER Survey showed price pressures are cooling fast raising the odds the RBNZ cuts rates by 50bps. Geopolitics trumped economics overnight with escalating tensions in the Middle East generating a bout of risk aversion. Iran launched a barrage of missiles at Israel, a few hours after the US had...

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