Global stocks are down after a Walmart warning. Australia’s jobless rate ticks up, but jobs also surge, so the RBA says it’s hard to see bad news in the data. And China holds its key rates, keeping its powder dry so it can cut when the US trade war hits.

In our bonus deep dive interview, ANZ Economist Vicky Xiao Zhou sorted through more than 10,000 product classifications to find out how the 10% tariffs being placed on China by the US would affect trade. 

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The Reserve Bank of New Zealand cuts 50 basis points and signals more to come. Australia’s wage growth is lighter than expected, which is good news for the RBA ahead of January jobs figures today. They are set to show a solid labour market.

In our bonus deep dive interview, ANZ Economist Maddy Dunk highlights how housing markets in Australia’s capital cities struggled ahead of the RBA’s rate cut.

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The Reserve Bank of Australia cuts hawkishly, warning of uncertainties around the labour market. The question now is whether it will cut again this year. And Australian consumers lost a bit of confidence ahead of the cut.

In our bonus deep dive interview, ANZ New Zealand Chief Economist Sharon Zollner analyses the picture the Reserve Bank of New Zealand faces today as it decides how much to cut rates. 

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European stocks hit record highs and bond yields rise as higher defence spending is priced-in amid Ukraine peace talks. Japan’s economy hits its growth stride, and high dairy prices and a low Kiwi dollar are combining to support New Zealand’s economy.

In our bonus deep dive interview, ANZ Australia Senior Economist

Adelaide Timbrell

explains why the improving inflation outlook has given the Reserve Bank of Australia the room to cut 25 basis points to 4.1% later today, and then once more in August. 

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The Reserve Bank of Australia is expected to finally cut rates this week. However, the Aussie dollar is firmer this morning and may rise more as global markets take some of the Trump tariff premium out of the US dollar.

In our bonus deep dive interview, ANZ Australia Senior Economist

Adelaide Timbrell

explains why ANZ Research has increased its growth forecast for this year to 2.4% from 2.2%. 

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Donald Trump is set to announce global reciprocal tariffs today, but US stocks rose and US Treasury yields and the dollar fell on hopes delays could reduce the inflation hit. Japan’s rising producer prices support another BoJ hike. And the Philippines’ central bank unexpectedly holds rates.

In our bonus deep dive interview, ANZ Senior Economist Miles Workman explains the importance of New Zealand’s closely watched inflation expectations survey, ahead of next week’s live rates decision by the Reserve Bank of New Zealand. 

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US stocks and rate cut expectations retreat as January inflation comes in hotter than expected - just one rate cut is now priced for this year; And New Zealand trucks got moving last month, but a full recovery in economic activity is yet to take hold.

In our bonus deep dive interview, ANZ Economist Krystal Tan reviews which Asian economies are most at risk from US President Donald Trump’s latest tariff proclamations. 

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Markets are focused on cautious comments from Fed Chair Jerome Powell about more rate cuts. Australia’s large and growing US trade deficit could spare it from metals tariffs. Australian consumer confidence in the here-and-now is at its lowest since September.

In our bonus deep dive interview, ANZ’s Senior Commodities Strategist Daniel Hynes looks into the prospects of gold going through the $3,000 an ounce mark. 

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US markets react positively to President Trump’s latest steel and aluminium tariff announcement, but uncertainty remains. Gold hit a new record high overnight. The British Pound continues to weaken following the Bank of England’s rate cut last week.

In our bonus deep dive interview, ANZ’s Senior Commodities Strategist Daniel Hynes unpacks the implications of Trump’s tariffs on aluminium and steel, if enacted, and who might be the winners and losers. 

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US consumers increasingly fear Donald Trump’s tariffs will drive up inflation, which worried US markets on Friday. Trump reverses a plan to put tariffs on parcel imports. The Reserve Bank of India cuts rates. And China’s CPI inflation blipped up in January.

In our bonus deep dive interview, ANZ’s Head of Australian Economics Adam Boyton finds some surprising strength in private sector job creation. 

Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/