Mixed messages from the worlds 2 largest economies…
China had weaker than expected growth of 4.9% in the third quarter down from 7.9% the quarter before. The downturn in the real estate sector and power shortages are held to blame.
S&P ASX-200 is up today after strong earnings reports boosted Wall Street overnight. Now at 7,429.5.
Energy shortages have driven supply cuts that have pushed base metals to record highs. The price of Iron Ore fell 0.5% to $US123.5 per tonne. The Aussie dollar is up at $US .746
The RBA Minutes released yesterday show they won’t be lifting interest rates before 2024 but financial markets are increasingly at odds with this in the face of global inflation pressures.
WTI crude oil was up 0.5% at $US 82.85 per barrel last night and all eyes are looking to our inflation figures due out next week.
ANZ Roy Morgan consumer confidence index – pointed to future household spending – released yesterday is up 1.3% buoyed by the reopening of Greater Sydney.
On the property front, Westpac is forecasting total price growth for Perth of 15% by the end of this year and another 8% next year before prices fall 1% in 2023. A smaller correction than expected interstate.
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Authored by Jody Fewster
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