5 in 5 with ANZ

US jobs data is weaker than expected in November. Australian consumer confidence ends the year lower than it started. And New Zealand's Government adds another year of deficits to its forecasts. In our Deep-Dive interview, ahead of the Australian Government's Mid-year Economic and Fiscal Outlook today ANZ Senior Rates Strategist Jack Chambers explains what to look out for in the new fiscal and bond programme forecasts. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Fed signals it's on hold for the next month at least. China's economy slows markedly. And the Reserve Bank of New Zealand's new Governor unexpectedly tells markets not to bet so hard on rate hikes soon. In our Deep-Dive interview, ANZ Senior Commodities Strategist Daniel Hynes has analysed the potential effects on the global oil market of a possible peace deal between Ukraine and Russia, no deal with the status quo, or no deal with much tougher sanctions. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Fed is divided about more rate cuts going into a new year with a new Chair. India's underlying inflation decelerates. And New Zealand's manufacturing sector expands slightly faster. In our Deep-Dive interview, ANZ Greater China Economist Vicky Xiao Zhou analyses the results of last week's Central Economic Work Conference (CEWC) statement after a key Politburo meeting. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Markets relax after the Fed cut rates, seeing two more cuts next year. Australia's unemployment rate holds, but a drop in jobs suggests softness. And New Zealand growth expectations get a boost. In our Deep-Dive interview, ANZ Head of FX Research Mahjabeen Zaman previews some of the more interesting drivers of FX markets in 2026. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The S&P 500 was flat ahead of the Fed's expected cut this morning, which was being announced as the podcast was going to air. Australia is set to have seen jobs growth in November, and Chinese inflation rises. In our Deep-Dive interview, ANZ Commodity Strategist Soni Kumari looks at what's behind a recent spike in the silver price. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US job openings rise, supporting stocks ahead of the Fed's rate decision tomorrow. And the Reserve Bank of Australia holds a little less hawkishly than expected, but rate cuts appear to be off the table from here. In our Deep-Dive interview, ANZ's Chief Economist for Greater China Raymond Yeung looks at the outlook for prices and policy responses in China over 2026. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Reserve Bank of Australia is expected to hold its cash rate at 3.6% later this afternoon. The Aussie dollar has rallied in anticipation of a rate hike next year. And China's trade surplus hits US$1 trillion. In our Deep-Dive interview, ANZ's Head of FX Research Mahjabeen Zaman analyses the immediate outlook for the US dollar ahead of the Fed's expected cut this week. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Benign US inflation data sets the scene for a Fed rate cut this week. China's exports are growing solidly. Japanese consumers spend less, but the Bank of Japan is still expected to hike. And the Reserve Bank of India cuts rates, as expected. In our Deep-Dive interview, ANZ Group Chief Economist Richard Yetsenga explains why the Fed is still cutting, while the next moves by Reserve Banks in Australia and New Zealand (RBA, RBNZ) are expected to be hikes. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Global markets are solid ahead of key US inflation data tonight. Australian households spent up during October sales. Australia's gold exports continue to climb. And there are positive signs for New Zealand's Q3 growth. In our Deep-Dive interview, ANZ Head of Asia Research Khoon Goh looks at what's in store for the Yuan and Rupee next year. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US markets are mixed after weak jobs data. Australian GDP shows stronger inflation signals for the RBA. South Korean growth rises. And India's central bank looks unlikely to aggressively defend a falling rupee. In the first of two Deep-Dive interviews into the outlook for Asian currencies in 2026, ANZ Head of Asia Research Khoon Goh analyses the general trends and domestic drivers to watch out for. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US stocks rise, but wariness remains around tech valuations. ANZ Research updates its RBA call, with rates are expected to stay at 3.6%, and Australian Q3 GDP out today is set to be buoyed by public sector demand. In our Deep-Dive interview, ANZ Head of Australian Economics Adam Boyton explains why the Reserve Bank of Australia (RBA) is at the end of its rate cut cycle, and what's needed before the next move. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US manufacturing data is weaker than expected, reinforcing expectations of a Fed rate cut next week. That's dragging on the US dollar. But the Kiwi dollar is doing well on fresh talk rates could rise next year. In our Deep-Dive interview, ANZ New Zealand Senior Economist Matt Galt sees house prices rising by a relatively slow 5% next year. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Lending to rental property investors in Australia surges to its fastest growth rate in a decade. China's economy is showing mixed signals. And India posts a very fast GDP growth number. In our Deep-Dive interview, ANZ Australia Economist Maddy Dunk analyses the surge in lending to rental property investors in October. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Markets are quiet with the US on Thanksgiving holiday. Data centres underpin an Australian investment jump, putting further pressure on RBA to hold rates. And The Bank of Korea holds rates. In our Deep-Dive interview, ANZ's New Zealand Business Outlook hit its highest point in a decade - something ANZ New Zealand Chief Economist Sharon Zollner says shows the economy has turned. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Both the Aussie and Kiwi dollars rise as rate cut views retreat. Australian October inflation overshot the mark, putting another Reserve Bank of Australia cut in doubt. And the Reserve Bank of New Zealand cuts but strongly hints the cycle is over. In our Deep-Dive interview, ANZ FX Analyst Kausani Basak explains why ANZ Research has downgraded its near term forecast for the Philippines Peso (PHP). Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US jobs, consumption and producer inflation data overnight support a Fed rate cut in December. The Reserve Bank of New Zealand is set to cut rates today. And Australia's October inflation is expected to stay above the Reserve Bank of Australia's target band. In our Deep-Dive interview, ANZ Head of Asia Research Khoon Goh looks at what Singapore's improving growth outlook could mean for the Monetary Authority of Singapore. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US stocks rally on growing expectations, again, that the Fed will cut rates next month. There's another weak business sentiment survey out of the US, and the Reserve Bank of India intervenes to stop the rupee falling. In our Deep-Dive interview, ANZ New Zealand's Chief Economist Sharon Zollner previews tomorrow's rates decision by the Reserve Bank of New Zealand. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Japan has launched a stimulus package that could add almost half a percent to GDP growth. But bond investors aren't keen on the extra borrowing to pay for it, driving up Japanese Government Bond (JGB) yields to record highs. In our Deep-Dive interview, ANZ's Head of FX Research, Mahjabeen Zaman, takes a closer look at where demand is coming from for stablecoins. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Finally, we get a US jobs report, but the data is mixed. Fed minutes show division on whether to cut in December. China holds key rates, and Japanese government borrowing costs rise on stimulus expectations. In our Deep-Dive interview, ANZ Economist Bansi Madhavani looks at the situation facing the UK government ahead of next week's budget. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US markets strengthen ahead of Nvidia earnings. UK inflation appears to have peaked. Australian wage growth behaves - and shouldn't stop the RBA from a final cut. And Indonesia holds rates to support its currency. In our Deep-Dive interview, ANZ Senior Commodities Strategist Daniel Hynes surveys the outlook for the aluminium market. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Market expectations for a Fed rate cut next month have risen after a weak private jobs report, but remain below 50%. The RBA's November minutes are more hawkish than expected, and Australian consumer confidence is boosted by sales events. In our Deep-Dive interview, ANZ Commodities Strategist Soni Kumari looks at China's ambitions to establish a global gold trading hub to compete with the likes of New York and London. Before accessing this podcast, please read the disclaimer at ⁠https://www.anz.com/institutional/five-in-five-podcast/

Market expectations the Fed will cut next month have drifted below 50%. Later today, the RBA's board will release its minutes from its hold decision, and New Zealand's house prices nudge lower in October. In our Deep-Dive interview, ANZ Asia Economist Krystal Tan explains why Thailand's GDP contracted more than expected in the September quarter. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Donald Trump cuts tariffs on beef, coffee and bananas to soften inflation concerns evident in recent election losses. China's factory expansion slows as investment drops, and UK bond markets sell off on Budget deficit worries. In our Deep-Dive interview, ANZ Group Chief Economist Richard Yetsenga puts a huge year for China's economy in perspective after a visit to China. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US data releases remain disrupted as opinions on US rate cuts diverge. Australia's unemployment rate falls after strong jobs growth. And New Zealand's recovering labour market is supporting a migration turn-around. In our Deep-Dive interview, ANZ Economist Maddy Dunk looks at where the hotspots are for lending to Australian housing investors. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

An end to the US Government shutdown nears as traders wait on delayed data for a picture of the US economy. Oil falls over 4% on oversupply concerns. And Australian housing lending to investors jumped to a record high in the third quarter. In our Deep-Dive interview, ANZ New Zealand Chief Economist Sharon Zollner reviews a nascent recovery in consumer spending evidenced by ANZ card spending data. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US markets fall after a large Nvidia stake sale. Australian consumer confidence dips again, while businesses say conditions are the best in 20 months. And New Zealand inflation expectations remain anchored. In our Deep-Dive interview, ANZ Senior Economist Tom Kenny reviews comments from the Fed on AI's impact on the US economy. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US stocks and gold rally after the Senate voted overnight to end the longest-ever US Government shutdown. New Zealand's economy is stirring back to life. And Australian unemployment is expected to fall, slightly. In our Deep-Dive interview, ANZ FX Analyst Kausani Basak explains why the Philippines peso has weakened through a key level in recent weeks and why ongoing weakness is likely. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

China's inflation rates are higher than expected, but not enough to stop more easing. The US dollar is rising with higher US growth expectations, for now. And Philippines' GDP is much weaker than forecasts. In our Deep-Dive interview, ANZ's Chief Economist for Southeast Asia and India, Sanjay Mathur, explains why consumers in the region have responded so weakly to rate cuts this time around. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Bank of England holds rates, but only just. US tech stocks wobble again. Australia's trade surplus grows as gold exports are strong. Japan's wage growth lags inflation, and Malaysia optimistically holds rates. In our Deep-Dive interview, ANZ FX Analyst Felix Ryan analyses some key currency movements following the de-escalation in US-China trade relations, including for dollar-yen. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Fed rate cut bets ease back after stronger US jobs and services reports. New Zealand's jobless rate rises but may be through the worst. Indonesia's growth is dented, and deflation continues in Thailand. In our Deep-Dive interview ANZ Senior Economist Miles Workman explains why the Reserve Bank of New Zealand will be feeling comfortable with how the country's labour market is performing. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Reserve Bank of Australia holds, and was less hawkish than it could have been. South Korea's inflation is stronger than expected. And New Zealand's unemployment rate is expected to rise again later today. In our Deep-Dive interview ANZ Head of Australian Economics Adam Boyton analyses the RBA's ability to cut rates again after last week's inflation surprise. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Reserve Bank of Australia is expected to hold later today, and then wait for inflation to come off the boil so it can cut for the last time in February. And Australia's housing market is heating up, but consumers are still cautious and job ads are falling. In part two of our Deep-Dive interview, I talk to Tatsuya Terasawa, the CEO of Japan's Institute of Energy Economics about the lessons others could learn Japan's critical minerals crisis of 2010. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

America's trade deals with Asian economies give them more time to improve their industrial sectors. Australia's rental property investors borrow at their fastest rate in 10 years. Consumer confidence falls in New Zealand. In our Deep-Dive interview, I talk to Tatsuya Terasawa, the CEO of Japan's Institute of Energy Economics about why critical minerals supply chains are so important. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Markets are mixed, weighing up a trade truce between China and the US against emerging doubts over whether the Fed can cut again this year. The ECB and the BoJ hold rates, as expected, and New Zealand business confidence lifts. In our Deep-Dive interview, ANZ International Economist Tom Kenny analyses Fed chair Jerome Powell's comments on the risks around a December rate cut. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Fed has just cut its key policy rate by 25 basis points, as expected, and says it will end its Quantitative Tightening (QT) from December 1. The Reserve Bank of Australia looks set to hold next month after strong inflation data. In our Deep-Dive interview, ANZ Commodities Strategist Soni Kumari looks ahead to today's meeting between President Trump of the US and President Xi of China, and analyses how metals markets may react to any trade deal. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Markets are steady ahead of the Fed's expected rate cut tomorrow. Australia's disinflation progress is set to have stalled in Q3. And South Korea gets a GDP growth bump from a mid-year fiscal stimulus. In our Deep-Dive interview, ANZ Senior Commodities Strategist Daniel Hynes looks at how US sanctions on Russian oil companies might affect the global market. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US stocks hit new highs, loving signs that Donald Trump will strike a trade deal with Xi Jinping later this week. Gold slumps below US$4,000/oz as the shine comes off its safe haven status. In our Deep-Dive interview, ANZ's Head of G3 Economics, Brian Martin, digs into why 200 basis points of easing by the European Central Bank isn't getting much traction with consumers and businesses. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Fed is on track to cut this week, but the Bank of Japan is expected to hold. Markets will keep a close eye on Donald Trump's meeting with Xi Jinping on Thursday, and fresh Australian inflation data will be the focus for the Reserve Bank of Australia. In our Deep-Dive interview, ANZ Senior China Strategist Zhaopeng Xing details where China plans to invest in its new five year plan, and why that's important. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Oil prices surge 5% to two-week highs after the United States sanctions Russian oil exports. Gold rises too. Markets will focus tonight on delayed US inflation data the Fed watches closely. And inflation in Singapore is surprisingly strong. In our Deep-Dive interview, ANZ Economist Dhiraj Nim tracks how India's exchange rate has depreciated this year, as a US trade deal potentially draws nearer. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold continues its slide, while US stocks also drop, led by large tech stocks. Expectations the Bank of England will cut rates are rising after weaker inflation. And Bank Indonesia unexpectedly holds rates. In our Deep-Dive interview, ANZ Economist Krystal Tan analyses how Indonesia's authorities are looking to support growth. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold slumps as traders take profits and trade fears ease. Japan has a new Prime Minister. And Australian Consumer Confidence recovers slightly, as the RBA keeps a close watch. In our Deep-Dive interview, we talk to Austrade CEO Paul Grimes about the potential for deeper trade connections between Australia and Southeast Asia. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold and US stocks jump back to near their record highs overnight. China is on track to meet its 5% GDP growth target this year, with production and exports still going strong, despite all sorts of tariff drama. In part two of our Deep-Dive interview, ANZ's Head of Geopolitical Risk, Cameron Mitchell talks about a new era for geopolitics and trade, how long it might last, and who's winning so far. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Donald Trump calms fears about imposing 100% tariffs on China, saying that wouldn't be sustainable. France's credit rating is downgraded. Gold falls from its highs. And New Zealand's inflation rate may top 3%. In our Deep-Dive interview, ANZ's Head of Geopolitical Risk, Cameron Mitchell describes a new era for geopolitics and trade. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold surges over US$4,300/oz. Australia's unemployment rate jumps to its highest since 2021, sending the Aussie dollar down against the Kiwi. And New Zealand dairy farmers are in line for bumper returns. In our Deep-Dive interview, ANZ Senior Economist Matthew Galt looks at whether New Zealand's housing market might finally turn, as the Reserve Bank plans to ease lending restrictions. Before accessing this podcast, please read the disclaimer at ⁠https://www.anz.com/institutional/five-in-five-podcast/⁠

Markets firm on easing US-China trade tensions. China's deflation continues, as authorities set a stronger yuan fix. Australia's job market numbers today will be closely watched by the RBA. And Singapore's growth strengthens. In our Deep-Dive interview, ANZ Economist Sophia Angala reviews which Australian states and territories are doing well, including during the trade and geopolitical disruption seen this year. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The US Fed chair warns of a weaker jobs market amid a shutdown data blindspot. The RBA Board leaves its options open. Australian consumer confidence drops to a 12-month low. And New Zealand's housing market goes sideways. In our Deep-Dive interview, ANZ Economist Arindam Chakraborty reviews Malaysia's 2026 Government budget and fiscal targets. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Markets bounce back overnight after Donald Trump downplays his new 100% China tariff threat. China's exports are stronger than expected. And New Zealand's traffic movements may indicate an economic turnaround has begun. In our Deep-Dive interview, ANZ's Chief Economist for Greater China, Raymond Yeung, suggests looking through the latest noise in the US -China trade dramas for the signal. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Trade tensions between the US and China escalate, which triggers a stock market selloff. But US bonds rally, and gold is up too on safe haven demand. And watch out today for trade data from China. In our Deep-Dive interview, ANZ Senior Commodities Strategist Daniel Hynes says China's stockpiling of oil has held up prices, for now. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The US dollar surges against the euro and yen after political turmoil in France and Japan. Gold dips back below US$4,000/oz. NZ card spending shows signs of life. And the Philippines' Central Bank unexpectedly cuts rates. In our Deep-Dive interview, ANZ Economist Vicky Xiao Zhou looks at how China's economy is set to perform this quarter and to the end of the year. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold surges another 1.8% overnight. The Reserve Bank of New Zealand cuts its cash rate 50 basis points, which sends the Aussie dollar higher against the Kiwi. In our Deep-Dive interview, ANZ New Zealand Chief Economist Sharon Zollner looks at what was behind the RBNZ's large cut. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Gold rises through US$4,000/oz as fears grow there'll be a long US Government shutdown. Australia's labour market continues to ease, and a weak business survey in New Zealand means the Reserve Bank could cut 50 basis points today. In our Deep-Dive interview, ANZ Head of Asia Research Khoon Goh looks at Singapore's economic momentum, including how it is benefiting from a surge in AI-related investment. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/