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Bi Monthly Market Update | The “Golden Dragon” has dived…

•By Katy O'Shea

The “Golden Dragon” has dived…

  • Russia’s invasion of Ukraine, China’s zero tolerance for COVID-19 and the UK’s fiscal /political backflipping are adding to geopolitical uncertainties.
  • The European Central Bank is set to rise rates by 0.75% on Thursday (that only gets them to 1.5%!). All eyes on US growth figures on Thursday for a lead on the Fed’s next rate move.
  • There was a sharp sell-off on international markets on Monday as investors sold shares in Chinese companies after President Xi Jin Ping signalled national security was his top priority. Hong Kong’s Hang Seng Tech Index fell 9.7%, the second largest one-day drop in history. Nasdaq’s Golden Dragon index plunged 14.4%.
  • There was nothing earth-shattering in last night’s budget – which is probably a good thing.
  • This morning’s US Inflation read came in above expectations at 7.3% year-on-year.
  • The S&P ASX-200 is up today at 6,816 as I type. The Aussie dollar is trading at US 63.26c with CBA forecasting it could fall below US 60c – it’s not great for international travel but it is great news for our exports.
  • Speaking of exports, Australian wine exports to China plunged 92% in the 12 months that ended September 30 – down to $21 million from $1.3 billion 3 years ago. Congratulation to our winemakers for finding alternate markets in the US, Thailand and Malaysia.
  • The Economist is reporting “Australian house prices have fallen for five straight months”. This is being led by Sydney (which is off by 10% since its February peak) and Melbourne. Perth (and the Western Suburbs in particular) are holding due to limited supply and net positive migration.
  • Call me now for a structured personalised plan to maximise the sale price of your home.
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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