ASX close to 12 year high
- Britain’s new Prime Minister, Boris Johnson has committed to leaving the EU on October 31; leaving him only 66 days to do it. The new leader of the Liberal Democrats has vowed to fight him every step of the way and it won’t be his only challenge with anaemic growth and political tensions with Iran top of mind.
- The IMF cut its global growth outlook again by 0.1% to 3.2% for 2019 and 3.5% for 2020. A rate of 3.3% or lower would be the weakest since 2009.
- China’s growth remains at a healthy 6.2% and negotiations with the US are pressing ahead (face to face) next week.
- Oil prices rose more than 1% on concerns of supply distraction in the Middle East after Iranian forces seized a British oil tanker the “Stena Impero”.
- Energy stocks helped lift our market yesterday. Gold is at record highs. The S&P ASX – 200 is trading up again close to a 12 year high at 6772.2 as I type.
- After reaching a three month peak last week the Aussie dollar is below US 70c.
- With rates at all-time lows refinancing has been a proven way to knock a few thousand off costs and allow accelerated payment of mortgage.
- There is a lot of activity in the market at present, with buyer enquiries coming in thick and fast.
- Call me to find out what your home is worth today.
Authored by Jody Fewster
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