Oil is down another 5% and US stocks are up over 1% on hopes a Middle East ceasefire will hold. US consumer confidence drops. US Fed chair Powell reiterates patience on rates. Australia’s consumers get a boost from year-end sales.

In our deep dive interview, ANZ Group Chief Economist Richard Yetsenga explains why his latest Research Quarterly note on the world economy has the tagline ‘shaken, but not a shambles’.

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