Morning Report

US CPI coming in below consensus drove a rally in global bond markets and increased 2026 rate cut expectations. Meanwhile, equity markets were mixed due to US tech weakness and European earnings disappointment, while the AUD remains sensitive to local labor data.

Key Takeaways

• 1.US January CPI came in below expectations at 0.2%, sparking a rally in treasuries and increasing the likelihood of a third rate cut in H1 2026.
• 2.The Australian Dollar is trading back in the USD0.70 range, with upcoming domestic wages and labour data serving as potential catalysts for RBA rate hike pricing.
• 3.Global equity markets were mixed, with US tech weakness and disappointing European earnings balanced by UK gains from defence investment announcements.

Table of Contents

• Key themes
• Data snapshot
• Financial Markets
• Today's key data and events
• International Data
• Local Data
• Corporate Directory

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