US markets remain calm on Day One of the new administration as tariffs remain unannounced - for now; New Zealand’s non-tradable inflation today will be a gauge for the RBNZ’s next rate cut, and Malaysia’s central bank is expected to hold today.

In our bonus deep dive interview, ANZ’s Chief Economist for Southeast Asia and India, Sanjay Mathur, looks at prospects across Indonesia, Malaysia, the Philippines and Thailand in 2025.

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The Aussie and Kiwi dollars are up 1% this morning as reports on President Trump’s inauguration day indicate tariffs won’t be enforced on day one of the new administration. China’s authorities are preparing their financial markets for when trade restrictions do come into force.

In our bonus deep dive interview, ANZ’s Chief Economist for Greater China Raymond Yeung previews what to expect in the Year of the Snake.

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All eyes are on the second inauguration of Donald Trump and what he says about tariffs and migration. The US dollar is firm and may rise even more. China’s GDP growth beats forecasts, but was boosted by pre-loading of exports to America.

In our bonus deep dive interview, ANZ’s Head of Australian Economics Adam Boyton analyses the meaning of Donald Trump version 2.0 for Australia’s economy.

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Global markets are stable after solid US retail sales data. Strong Australian employment growth keeps the spotlight on the RBA ahead of next month’s rates decision. The Bank of Korea unexpectedly holds rates, and New Zealand’s international airfares rise nearly 30% in December.

In our bonus deep dive interview, ANZ Head of Australian Economics Adam Boyton previews 2025 for the Australian economy.

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US inflation data was cooler than forecast overnight, unleashing a rally on bond and stock markets on relief the Fed might be able to cut again after all. Australia’s jobs market data today will test the RBA’s ability to cut next month.

In our bonus deep dive interview, ANZ FX Analyst Felix Ryan talks through the slumps in the Aussie and Kiwi currencies this year as the US dollar takes off.

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New sanctions on Russia’s oil exports are driving prices, for now. India’s rupee hits a record low. Australian consumer confidence is holding up over summer and business confidence improves again in New Zealand.

In our bonus deep dive interview, ANZ Head of G3 Economics Brian Martin reviews why the market has swiftly rowed back US rate cut bets in the early weeks of 2025.

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US Treasury yields continue to rise and stocks fall as hopes of multiple Fed rate cuts fade. A strong US dollar sees the Yuan slide towards 16-year lows, triggering intervention. And the oil price rises again overnight following new US sanctions.

In our bonus deep dive interview, ANZ New Zealand Chief Economist Sharon Zollner previews how New Zealand’s economy looks set to perform over 2025.

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ANZ Research has pulled forward its forecast for Australia’s first rate cut to February from May after soft inflation data. But US rates expectations have risen after strong US jobs growth. That combination has dragged the AUD down to post-Covid lows.

In our first bonus deep dive interview for 2025, ANZ’s Chief Economist for Greater China Raymond Yeung explains why China’s economy may well achieve its 5% growth target for 2024.

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Global markets are mixed ahead of big US and Japanese rate decisions later this week. US retail sales are solid. New Zealand’s Government announces a bigger than expected increase in bond issuance, and Australian consumers end the year better off.

For our final bonus Deep Dive interview of the year, ANZ’s Group Chief Economist Richard Yetsenga looks at the key themes of 2024 and at what 2025 might bring for the global economy.

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PMI results show the US economy is resilient, supporting only three Fed cuts in 2025. China’s retail sales disappoint again. NZ’s Government is expected to unveil a higher borrowing forecast today. Coldplay concerts in Auckland nudge inflation up a bit.

In the second in a series of bonus Deep Dive interviews to round out the year and to look ahead to 2025, I spoke with ANZ’s Head of Research for Asia, Khoon Goh, about Asia, ex China.

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