No surprises!

Thursday 15th August 2024

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US shares moved up slightly – except for the Russell 2000 - and bond yields fell a little, after the release of the US Core CPI print overnight. The response was muted because the data came in pretty much as expected. It was anyone’s guess where the RBNZ was heading, but we expected a cut on the advice of the BNZ and that’s what we saw. And NAB’s Gavin Friend proudly conveys the positive vibes from Britain, where inflation came in softer than expected, with the hope of a strong GDP growth number later today. If markets weren’t moved by US CPI, will the jobless claims repeat the influence they had this time last week, coupled with the latest retail sales numbers and a couple of regional manufacturing reports.

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