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Bi Monthly Market Update | Food Protectionism! We are so lucky to live in WA…

By Katy O'Shea

Food Protectionism! We are so lucky to live in WA…

  • China’s lockdowns with consequential reduced growth, Russia’s war in Ukraine and Central Bank reactions to synchronised inflation have rattled markets over the last couple of weeks.
  • In the US the NASDAQ is down 25% year to date while the S&P 500 is down 16%. In Australia, with our weighting in commodities, we have fared far better with the S&P ASX-200 down only 4.4% year to date and closing yesterday at 7,112.5.
  • There seems to be a flight to cash at present. I believe this bodes well for Property, especially in Perth!
  • The Aussie dollar has dropped more than 7% since early last month and is now down 10% year to date at $US .70. Iron Ore is $US 132.96.
  • The Food Price Index, which is a large part of global inflation at present, is showing “Food Protectionism” is on the rise. For instance, this week India banned wheat exports which caused wheat prices to rise to near record levels, unfortunate for many, but good for West Australian farmers. Earlier this month The New York Times cited data that 43 such protectionist measures have been implemented since the Russian Invasion.
  • All eyes are on the wages data due today for its impact on the RBA’s next rate move.
  • In our market limited supply continues to keep our house prices rising so call me today to chat about these benefits you.
Authored by Jody Fewster
Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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