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Bi Monthly Market Update | Mixed messages from the worlds 2 largest economies…

By Katy O'Shea

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.
  • Call me for a perfectly tailored plan ensuring you take every advantage of the current market.

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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