Australian Morning Focus

ANZ's morning update notes a boost in market sentiment following progress in US-Iran talks, despite sharply deteriorating economic indicators in Europe.

Key Takeaways

• 1.Negotiations between the US and Iran are showing signs of progress, boosting risk sentiment in global markets despite ongoing disputes over uranium and the Strait of Hormuz.
• 2.Weak PMI data in the UK and Euro area has significantly reduced the likelihood of near-term rate hikes by the BoE and ECB.
• 3.US economic data remains stable with a composite PMI of 51.7, while manufacturing reached its highest level since mid-2022.

Table of Contents

• Highlights
• Today (AEST)
• Global markets overview
• Data/event pulse
• Key themes and views
• Commodities
• Important Notice

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