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Bi Monthly Market Update | Global events rock equity markets… our fundamentals remain sound!

By Katy O'Shea

Global events rock equity markets… our fundamentals remain sound!

  • Federal Reserve Chair Jerome Powell’s comments that US interest rates will stay higher for longer rocked equity markets with the US market down 5% last Friday and our market in turn falling 2%. Down again today, year to date the S&P ASX 200 is down nearly – 6% while the S&P 500 is down just over -15%.
  • The Aussie dollar is again below US 70c as the Greenback nears a 20-year high against major currencies such as the euro and yen.
  • Stronger than expected retail sales in July show consumers continue to spend in Australia.
  • The RBA is now expected to raise rates by 50 basis points when it meets in September. Forecasts remain at 3.25% by year end.
  • Iron Ore is below $100/t for the first time in 5 weeks with China controlling steel production in an effort to curb emissions.
  • WA recorded the largest fall in multi-dwelling building approvals of any state in July – down 36.9%. With our rental vacancy rate below 1% we need investors back buying new apartments.
  • With limited supply of homes continuing to frustrate buyers at all levels, there is a premium to be had in Spring. So, call me now to meet your buyer.
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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