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Bi Monthly Market Update | Xi Jinping and his cartographers are at it again…

By Jody Fewster

Xi Jinping and his cartographers are at it again…

  • Tensions are rising in South East Asia as China published its “annual territory map” including all disputed islands and features. Taiwan, Malaysia, the Philippines and Vietnam have “resolutely rejected” it.
  • Xi Jinping will skip the Group of 20 Summit meeting, dealing a blow to the host nation India. The Summit brings together 19 countries and the European Union. It’s significant because Xi has never missed a summit since taking over in 2012.
  • The US jobs market experiences steady cooling with the unemployment rate rising to 3.8% from 3.5% for good reasons – simply more people looking for work. The US will next assess their rates in 2-weeks, they are expected to hold.
  • As expected the RBA left our rates at 4.1% yesterday. The Bureau of Statistics monthly inflation indicator for July was lower than forecast at 4.9% for the past 12 months; far below last December’s 8.4%.
  • Our cash rate is now lower than many other countries and you may spare a thought for the people in Turkey. It’s central bank recently lifted their interest rate from 17.5% to 25%. Yes, ouch!
  • The economy is slowing, as is required to cool inflation. Company profits fell 13.1% from March to June quarters and 11.8% over the year, profits alone from mining fell the most (down 21.3% over the quarter)
  • June quarter GDP just out show growth has slowed to 2.1% from 2.3% a year ago.
  • The S&P ASX 200 was flat yesterday and is down as I type at 7,275. The Aussie dollar is trading lower at US .638c
  • Whilst we are seeing the number of homes listed for sale rising in most capital cities, the numbers are still well below long term averages. The market remains tight!
  • Call me today for a plan to showcase your home to the abundance of buyers out there.
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. Please click here to read some of my testimonials.
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