- In April, Australia's Judo Bank Manufacturing PMI surged to an eight-month high of 49.9, contrasting with March's 47.3. However, the Services PMI dipped to a two-month low of 54.2, down from the previous reading of 54.4.
- The weekly ANZ-Roy Morgan Australian Consumer Confidence declined by 3.2 points to hit its lowest level this year at 80.3, compared to the previous reading of 83.5. ANZ highlighted decreases in both economic and financial subindices. Confidence waned across various housing cohorts, with renters experiencing a notable decline.
- On Tuesday, the China Securities Journal suggested that there's a possibility the People's Bank of China (PBoC) might lower the Medium-term Lending Facility (MLF) rate on May 15 to decrease funding costs. Such a move could potentially impact the Australian market, given the robust trade relationship between China and Australia.
- The People's Bank of China maintained its Loan Prime Rates (LPR) at 3.45% on Monday. The LPR serves as a crucial benchmark rate for Chinese banks when determining the interest rates for loans offered to their clients. Given the significant economic ties between China and Australia, any changes in Chinese monetary policy have the potential to impact the Australian market.
- The Chinese Ministry of Commerce has announced a new tariff on US goods. Specifically, China has imposed a duty of 43.5% on imports of propionic acid from the United States. This chemical is extensively utilized in various sectors, including food, feed, pesticides, and medical applications, as per Reuters.
- According to a Bloomberg report, Chicago Fed President Austan Goolsbee remarked on Friday that progress on inflation had "stalled," and the Federal Reserve's current restrictive monetary policy is appropriate. Meanwhile, Reuters reported that Atlanta Fed President Raphael Bostic stated that the US central bank would refrain from cutting interest rates until the end of the year.
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