A big week of data and earnings reports ahead; India rises; Singapore exports jump; Malaysia grows faster; AU-US links at risk; more TACO twists; UST 10yr at 4.01%; gold up, oil holds low; AU$1 = 65 USc

Here's our summary of key economic events overnight that affect Australia, with news we are facing some hard choices in our relationships with China and the US. Can you have security without economic stability? Can you have stability with a disrespectful and unreliable partner?

But first, this coming week will start with today's New Zealand CPI release later this morning.

In the US, there is some expectation that they will get their September CPI data at the end of the week (expect higher than 3%) despite the shutdown. But most focus there will be on the Q3 earnings season announcements. CPI data will also come from Japan, Singapore and Malaysia. But there will be PMIs from all over this week and well as interest rate decisions from Indonesia and Korea. And the Chinese will review their Loan Prime rates although no change is expected.

From China, they will release Q3 GDP data, which is expected to show a small sag (to 4.8%?), along with a range of other core economic metrics which should give a broader fix on how they are tracking.

Over the weekend in India, bank loan growth accelerated to its fastest pace of expansion in September, for all of 2025, up +11.4% from year-ago levels to US$2.3 bln.

After two months of declines, Singapore's exports rose almost +7% in September from a year ago, largely on the back of recovering exports of electronic goods.

In Malaysia, their Q3 GDP result shows them expanding +5.2% from a year ago, accelerating from +4.4% growth in Q2. It is their fastest expansion in a year

Locally, there is growing concern about the building of uneven wealth distribution and how inheritances embed both inequality and entitlement. A failed attempt to address it through their superannuation system reforms has just raised the pressure to 'do something'.

A more immediate stress is also building here in Australia; American pressure to de-couple from China. This seems quite unlikely given the local wealth-weight dependent on the China trade. But it will make for 'interesting times' in the AU-US relationship.

In the US over the weekend President Trump seemed to back off his sharp rhetoric against China in another TACO moment. Markets went into temporary relief mode on Friday. There was more TACO for Ukraine, even Gaza but both of them just added to the mess he made.

The UST 10yr yield is now at 4.01% and unchanged from Saturday but down -4 bps for the week. The key 2-10 yield curve is now at +55 bps. Their 1-5 curve is now positive again but only by +3 bps. And their 3 mth-10yr curve is now -7 bps inverted. The China 10 year bond rate is up +1 bp at 1.76%. The Australian 10 year bond yield starts today at 4.10%, down -6 bps from Saturday, down a sharp -20 bps from a week ago.

The price of gold will start today at US$4251/oz, up +US$30 from Saturday. Over the past week, gold is up a net +5.8%, silver is up a net +3.3% and platinum is now marginally lower.

American oil prices are holding lower at just on US$57.50/bbl, with the international Brent price now just over US$61/bbl.

The Australian dollar is at just on 65 USc, and up +10 bps from Saturday. Against the Japanese yen we are up +20 bps at ¥97.8. Against the euro we are up +10 bps at 55.7 euro cents.

The bitcoin price starts today at US$108,732 and up +2.4% from this time Saturday. Volatility over the past 24 hours has been modest at just on +/- 1.3%.