Hopes up and confidence down…

• Hopes are rising for peace in the Russia-Ukraine war after the US committed to in-person peace negotiations. Sadly, no sign of peace talks between Iran and the US, with an escalation in hostilities.
• Bond yields are trading near the highest levels since the GFC amid these renewed tensions in the Middle East. There is a major change occurring in bond markets, with sovereign debt repositioning away from the US.
• On the commodities front, copper prices hit an all-time high ($US14,300 a tonne) on supply concerns for crucial data centres; oil is at a 6-week high above $US99 a barrel after attacks on Saudi Arabian energy facilities have investors on edge; gold is up at $US4404.67. Iron ore is back above $US100 a tonne for the first time in 7 weeks.
• NAB and Westpac business and consumer confidence surveys out yesterday slumped as cost pressures hit profitability and sentiment.  Bank economists are now forecasting the RBA will raise rates at the September meeting. We will know if the US hikes on September 16.
• All four big banks have reported a 15-20% drop in mortgage applications due to uncertainty and investor discontent with proposed tax changes. The western suburbs have limited investor and first home buyer product, so the impact is felt mostly in Perth’s outer suburbs.
• The S&P/ASX 200 is down again today after a big drop yesterday. Now trading at 8,901. The Aussie dollar is at US.7222 c.
• REIWA reports 7,352 properties for sale this week, with 5,122 being houses. Again, the Western suburbs seem to be defying the trend with limited stock.
• With confidence waning in the broader market, now is the time to work with my experienced, process-driven team to maximise your sale price; so call me today.

Jody Fewster
Please contact me on 0414 688 988 or by email at jody.fewster@raywhite.com
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