ANZ agrees to buy Suncorp Bank for $4.9 billion. Australian shares are set to open higher with the currency recouping ground. RBA minutes and speeches in focus. Follow updates here.
US shares fell last week but a rally on Friday after a clutch of encouraging data prints has added a boost for equity markets, according to NAB analysts.
US retail sales data came in better than anticipated, while five to 10 year inflation expectations data from a University of Michigan survey fell to 2.8 per cent from 3.1 per cent. Inflation expectations have been found to influence consumer behaviour, in turn helping guide real inflation. The upshot is a slight tapering of expectations within financial markets that the US Federal Reserve will increase rates by a full percentage point in its next meeting.
The drop in inflation expectations “saw markets further reduce their pricing for a 100bp hike from the Fed,” according to NAB. This was further “reinforced by the Fed’s Bostic who backed a 75bp hike after having been open to it,” the bank analysts said in a Monday note. Robust earnings results for Citigroup, which pushed the bank’s US listed shares 13 per cent higher, also helped to guide US blue chips higher on Friday. The S
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