Even though President Trump tweeted overnight that tariffs were having a “major effect” on the Chinese economy, the GDP numbers he referred to largely related to growth before tariffs were ramped up in May. What’s more, industrial production numbers were far better than anticipated. As NAB’s Rodrigo Catril explains to Phil Dobbie, this has helped the Aussie dollar become one of the best performing currencies overnight. Meanwhile, the NY Fed’s Empire survey showed a bounce back, offering some encouragement for the US economy, but a rate cut is still anticipated for the end of the month.
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New Zealand’s Privacy Challenge
The NZ PM seems intent on pushing it through new surveillance legislation. Why the rush? And what can we take from the semantics in his description of telecommunications metadata?
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US deal imminent. UK marooned. Brexit all at sea
The pound will take a hit from the latest lockdowns says NAB’s Rodrigo Catril, but a Brexit deal is still possible. Risk assets are likely to gain on the imminent signing of a US fiscal stimulus.
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Soft jobs numbers won’t dampen the Fed’s tapering intention
Soft US job s numbers won’t stop a taper from the Fed this year says NAB’s Rodrigo Catril. Meanwhile, inflation concerns remain as the US kicks off Q3 earnings season.
