WBC MorningReport22Sep2026

MORNING REPORT Today's economic developments and market movements.

Key themes Data snapshot Cooling oil prices and reports FX Last 24 hrs Current Change AUS Interest Rate Swaps Last Change

of productive US-China TWI 66.0 0.0% 30 day BBSY 4.52 0.05

discussions on AI, trade and AUD/USD 0.7119 0.0% 90 day BBSY 4.78 0.04

investment ahead of this AUD/JPY 112.00 0.3% 180 day BBSY 5.15 0.02 week’s Trump-Xi meeting AUD/GBP 0.5326 0.2% 1 year swap 4.95 -0.01 supported market sentiment, AUD/NZD 1.2453 0.1% 2 year swap 4.98 -0.02 with technology stocks AUD/EUR 0.6209 0.1% 3 year swap 4.97 -0.03 providing an additional boost. AUD/CNH 4.7647 -0.1% 4 year swap 4.95 -0.04 AUD/SGD 0.9086 -0.1% 5 year swap 4.97 -0.04 Global equities advanced AUD/HKD 5.5851 -0.1% 6 year swap 4.99 -0.05 on lower oil prices, with AUD/CAD 0.9990 0.3% 7 year swap 5.03 -0.05 technology shares leading the EUR/USD 1.1465 -0.2% 8 year swap 5.06 -0.05 gains. USD/JPY 157.35 0.3% 9 year swap 5.10 -0.06 USD Index 100.42 0.2% 10 year swap 5.13 -0.06 The US Treasury curve flattened, with futures markets continuing to price Equities Close Change Government Bond Yields Close Change

a better-than-even chance S&P/ASX 200 8,732 0.0% Australia

of an October Fed hike S&P 500 7,765 1.5% 3 year bond 4.97 0.04

and a fully priced move in Japan Nikkei 65,019 1.4% 10 year bond 5.28 0.02

December. Hang Seng 25,043 1.2% United States Euro Stoxx 50 6,318 1.3% 3-month T Bill 3.98 0.00 The US dollar strengthened UK FTSE100 10,739 0.7% 2 year bond 4.75 0.00 modestly, with the yen VIX Index 14.87 0.4% 10 year bond 4.95 -0.05 leading losses among the Other (10 year yields) major currencies as USD/JPY Commodities Current Change Germany 3.46 -0.06 moved back above 157. CRB Index 419.27 -0.8% Japan 2.99 0.00 Gold 4342.50 -0.8% UK 5.21 -0.08 Oil prices extended their Copper 14661 1.0% recent decline on signs Saudi Oil (WTI futures) 95.37 -4.9% Sydney Futures Exchange Current Change Arabia is increasing exports Coal (coking) 263.00 0.4% 10 yr bond 5.29 -0.02 and after President Trump Coal (thermal) 142.35 -0.6% 3 yr bond 4.99 0.00 said he would “probably” be Iron Ore 97.05 -0.2% 3 mth bill rate 4.63 0.00 open to meeting his Iranian ACCU 36.13 -4.3% SPI 200 8,807 0.3% counterpart on the sidelines Data as at 7:00am AEST. Change is from the previous trading day (excluding the SFE, which is the change during the night of this week’s UN General session). Source: Bloomberg.

Past performance is not a reliable indicator of future performance. The forecasts given above are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The results ultimately achieved may differ substantially from these forecasts.

Luka Belobrajdic Today’s key data and events Economist, Westpac Group Time Event Exp Prev P: E: 16:00 GB Public Sector Borrowing Aug £15.5b £1.8b 0:00 EZ Consumer Confidence Sep Prel. -16pts -15.5pts

Financial Markets 0:00 US Richmond Fed Manufacturing Sep 2pts 4pts Cooling oil prices and Scott Bessent’s characterisation of talks Times are AEST. All data forecasts are m/m or q/q and seasonally adjusted unless otherwise specified. Forecasts for Australian data are our forecasts and for other countries they are with China on AI, trade and investment as “very successful” consensus forecasts. ahead of this week’s meeting between Presidents Trump and Xi buoyed sentiment, with strength in the technology sector providing an additional boost. International Data The US Chicago Fed National Activity Index edged down to • US equities advanced, led by technology stocks. The S&P -0.04 in August after being revised up from -0.08 to +0.08 in 500 gained 1.5%, while the NASDAQ outperformed, rising July. These outcomes are all consistent with activity growth 2.3%, and the Dow Jones added 0.7%. European equities around trend. also moved higher, with the Euro Stoxx 50 up 1.3% and the FTSE 100 gaining 0.7%. Chicago Fed President Goolsbee followed the September FOMC hike by highlighting the regularity of supply shocks and • Lower oil prices and the…