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Imports of Japanese beer fell 89 percent to $630,000, while Japanese vehicles dropped 59 percent to $62 million
Singaporean headline inflation falls in April, unlikely to return to positive territory before end of 2020
Australian bonds jump after RBA September meeting minutes reflects "prepared to ease" policy stance
The Australian government bonds jumped during Asian trading session Tuesday after the Reserve Bank of Australia’s (RBA) September monetary policy meeting minutes hinted at further easing, noting "prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time".
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, plunged 3-1/2 basis points to 1.013 percent, the yield on the long-term 30-year bond also slumped 3-1/2 basis points to 1.600 percent and the yield on short-term 2-year traded nearly 2 basis points lower at 0.703 percent by 04:00GMT.
By comparison, the September minutes finished with:
Members would assess developments in both the international and domestic economies, including labour market conditions, and would ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time.
Since the RBA’s October meeting the market has lifted the probability of a Fed rate cut in October to more than 50 percent. If the Fed does deliver a rate cut at the end this month then the RBA’s hand may be forced, ANZ Research reported.
Importantly, the Minutes suggest the RBA is not inclined to keep rate cuts in reserve for the sake of it, the report added.
Meanwhile, the S&P/ASX 200 index traded tad 0.54 percent higher at 6,628.50 by 04:10GMT.