Australian Morning Focus

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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