The imposition of tariffs by the US on Chinese imports is just hours away. As Phil Dobbie discusses with NAB’s Gavin Friend, the markets reacted sharply to President Trump’s comment at a rally that China ‘broke the deal’, but now he is suggesting a deal is still possible. Assuming the tariffs will be imposed, will there be any further reaction on the markets? Plus, will the Statement on Monetary Policy, released today, shed more light on why the RBA kept rates on hold this week, whilst the RBNZ went for a cut? And how important are US CPI and UK GDP numbers today, given the focus seems to be on the 12.01am deadline in the US?
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Oil Higher and RBA’s Lowe-down
Transitory impacts from supply chain disruption could last longer, which means the Fed can wait out higher (supply-driven) inflation for longer, says NAB’s Tapas Strickland ahead of tonight’s US CPI numbers. Also, oil higher, and what will Philip Lowe say at lunchtime today.
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Why we need to save our steel
Will steel always need to be subsidised? I ask @dgbailey on today’s podcast. Plus, will we lose faith in the Astra Zeneca vaccine?
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Markets whipped back and forth in a sea of uncertainty
Uncertainty in markets today. NAB’s Ken Crompton says there’s a continuing tension between the Fed talking up rate rises and whether that will prompt a recession. Data releases didn’t provide any room for positive thinking.
