Global markets are reacting to lower oil prices and shifting monetary policy expectations. ANZ highlights receding inflation fears contributing to a drop in bond yields, despite mixed equity market performance.
Key Takeaways
- 1.Oil prices declined sharply, with WTI around USD70/bbl, contributing to a broader drop in global bond yields.
- 2.The RBA is expected to hold the cash rate at 4.35% in August following Australian CPI data that came in slightly below forecasts.
- 3.US new home sales dropped 7.3% m/m to 580k saar, signaling continued weakness in the US housing sector.
Table of Contents
- Highlights
- Today (AEST)
- Global markets overview
- Data/event pulse
- Key themes and views
- Market at 6:45am today
- Key data releases
- What's ahead today
- Commodities
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Authors
Adam BoytonBrian MartinDaniel Hynes
Securities
WTI Crude OilUS 10-year Treasury note
Themes
Inflationary expectationsMonetary policy
Regions
GlobalUnited StatesAustraliaGermany