The Nikkei has gained 17% this year, making it the world’s best-performing stock indices, followed by the NASDAQ at 15.97% year to date.
The S&P ASX/200 is flat today, having closed up yesterday at 7,663 based on solid reporting from Coles and Reece Plumbing.
The Aussie dollar is still rangebound, trading at US .654c.
Ray Whites Chief Economist Nerida Conisbee reports that price growth across Australia continues in February, with Perth now recording 17.5% growth in the Median over the last 12 months.
In the unit market, stock shortages are driving up prices in Adelaide, Brisbane and Perth – all up over 10% for the year.
CoreLogic reports WA’s Kalgoorlie Boulder region recorded the strongest rental growth in the nation at 9.5%, ahead of Mackay in QLD, and interestingly, third is Geraldton at 6.5%.
Ex-rental listings in WA now account for 19% of all listings.
There has been a slight uptick in listings and sales across Perth, but there are still only 2,200 homes for sale.
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Renewed rate cut expectations triggered a global rally in equities that pushed benchmarks from the US to Japan and Europe to record highs last week. The S&P ASX/200 is within 51 points of its record. Now trading at 7,802 as I type. I suspect there will be some profit taking … Read more
US consumer prices rose 3.1% in the year through January cooling less than had been expected. The S&P 500 was above 5,000 for the first time on Monday putting it into “nosebleed territory” but has since come off after that hotter than expected inflation figure, which has clouded rate cut expectations. … Read more