Yuan, CSI Caned as China Property Crisis Deepens
The CSI 300, China’s key blue-chip index, slid more than 2% and the yuan ended at a 27-month low against the US dollar as the country’s property slide worsened for yet another month.
Read MoreThe CSI 300, China’s key blue-chip index, slid more than 2% and the yuan ended at a 27-month low against the US dollar as the country’s property slide worsened for yet another month.
Read MoreAnother strong month for the Australian labour market with 33,000 new jobs added despite a small rise in the jobless rate to 3.5% from 3.4% as more people continue to look for work.
Read MoreThe slow easing of Covid restrictions freed up the New Zealand economy in the three months to June and helped GDP to rebound 1.7% after the 0.2% contraction in the March quarter.
Read MoreThe latest NAB survey of business conditions and confidence will not give the RBA any comfort in its campaign to slow demand and lower inflation by raising interest rates.
Read MoreHugh Giddy from IML looks at how we got into the current high inflation environment and how central banks, governments and economic modelling have all contributed to it.
Read MoreThe 2022-23 financial year has opened with a slide in business turnover in seven of the thirteen selected industries measured by the Australian Bureau of Statistics.
Read MoreThe European Central Bank has joined the US Federal Reserve and raised its interest rate by a larger than forecast 75 basis points to tackle record inflation.
Read MoreThe ASX bounced yesterday after Reserve Bank governor Philip Lowe hinted that future interest rate rises from the central bank will be smaller and slower in coming.
Read MoreChina’s trade performance weakened dramatically in August with growth in imports and exports slowing more sharply than forecast, catching the markets by surprise.
Read MoreAustralian consumer resilience, along with a weak dollar and record prices for key commodities helped push economic growth to a very sold 3.6% jump in FY2021-22.
Read MorePlenty of bad stuff going on, but it has been an exceptional FY2021-22 for Australia trade-wise and the June quarter showed no signs of a slowdown with a bunch of records.
Read MoreWe have suddenly become pretty blasé and ho-hum about a half a per cent boost to the RBA cash rate if the reaction from markets to yesterday’s increase is any guide.
Read MoreRather than write about the gains electric vehicles continue to make in the Chinese, European and US car markets, a story about what happened in the Aussie market in August.
Read MoreIt’s just not the RBA armed and ready to fire another shot at the still strong economy this week – the ECB also has the chance to take aim and pop off either a 0.50% or even 0.75% increase.
Read MoreCrunch week for the Australian economy on Tuesday and Wednesday as we leave the fantasy world of last week’s jobs and skills summit behind us and return to the reality of rising rates.
Read MoreA collection of ‘downs’ from the start- and end-of-month housing and construction data this week shows the Australian property sector is well and truly in a deep slump.
Read MoreChina’s economy continues to stutter thanks to a combination of renewed Covid infections, tightened mobility restrictions and power rationing due to the worst heatwaves in decades.
Read MoreIn stark contrast to the strong July retail sales, building approvals last month slumped 17.2% as the bloom faded almost completely from apartments, home units and flats.
Read MoreAustralian shoppers were not put off by rising interest rates and prices in July as retail sales rose a solid 1.3% from June – a strong indication they are ignoring a lot of the gloom and doom.
Read MoreChina’s leadership are getting worried about the health of the economy, judging by the second round of official rate cuts in just a week on Monday from the country’s central bank.
Read MoreAustralia’s unemployment rate fell to a new 48-year low of 3.4% in July but we may have seen the first crack in the buoyant jobs market as well, with the number of people in work also falling.
Read MoreAs expected the Reserve Bank of NZ has lifted its official cash rate (OCR) by half a per cent to 3%, from 2.5% previously and the highest it has been for seven years.
Read MoreConfirmation that, for all his blustering, Xi Jinping is presiding over a Chinese economy that is sliding its way towards a debilitating slowdown, or at worst, maybe even a recession.
Read MoreWall Street yelled ‘the inflation wars are over’ and sent share prices surging after US consumer price inflation slowed a little in July.
Read MoreThe Reserve Bank won’t like reading that the National Australia Bank’s latest survey for July showed a strengthening in business conditions, reversing the recent softening trend.
Read MoreThe current weakness in the Chinese economy was again underlined by the July trade data, which showed no real improvement in the pace of growth in imports and exports.
Read MoreEngland’s central bank warned the country is facing a lengthy recession in 2023 and the nastiest fall in living standards for a generation or more.
Read MoreJune ended what was a record year for Australia’s trade account with new highs set for monthly exports and imports, as well as the biggest ever monthly and yearly trade surpluses.
Read MoreWhen you look a bit deeper, the retail sales data for the three months to June released on Wednesday was not such a solid performance after all, especially taking prices into account.
Read MoreStatements from the RBA Governor hinted that the time for big rate increases had passed and that smaller rises would follow from here, no doubt with slumping house prices a factor.
Read MoreThe slide in Australia house prices accelerated last month in the wake of more bad publicity than you can poke a stick at and four rate rises in a row from the Reserve Bank.
Read MoreThe RBA is widely expected to lift the cash rate by a half a per cent tomorrow, which would see cumulative hikes since May reach 175 basis points – the fastest pace on record.
Read MoreClear signs of a slowdown in June retail sales, with ABS data showing the smallest rise so far in 2022 and evidence that that much of the recent strength was due to rising prices, not volume.
Read MoreAnnual CPI inflation hit its highest ever annual rate of 6.1% in the June quarter according to the ABS and, while a record, it was lower than many in the markets had forecast.
Read MoreThe global economic outlook has become “gloomy and more uncertain”, according to the latest forecasts from the International Monetary Fund.
Read MoreThe US Fed’s two-day meeting and statement will hold market attention this week, but will have to share the spotlight somewhat with the key first estimate of US June quarter economic growth a day later.
Read MoreBritain’s inflation woes worsened with the country’s Consumer Price Index (CPI) leaping to a staggering 9.4% reading in June with new warnings it could hit an unheard of 12% in October.
Read MoreNew Zealand has given Australia a foretaste of what to expect from the June quarter consumer price index data tomorrow week with a bigger rise than forecast in Monday’s data release.
Read MoreAMP’s Dr Shane Oliver takes a look at the 1970s experience with inflation and its relevance to today’s problems, and explains why he believes central banks must focus on getting inflation back down.
Read MoreChinese economic growth slowed sharply in the three months to June, weighed down by the government’s harsh Covid control measures, especially in Shanghai.
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