The IMF gives us a sobering Report Card…

• Geopolitical tensions remain high, with the Iran-backed Houthis attacking Saudi Arabia, the US and Iran seeming no closer to peace, and Russia’s persisting assault on Ukraine. All in all, there is a lot going on!
• In the meantime, US third-quarter earnings season has started, and corporate profits are looking very healthy, with S&P 500 members expected to grow EPS by roughly 29%.
• The International Monetary Fund has downgraded Australia’s economic growth outlook to 1.6% and raised its unemployment forecast to 4.7% for next year. They have given our Government a stern warning on debt levels, and with energy and AI investment pushing up inflation, Australia is projected to have the fifth-highest rate among advanced economies.
• NABs latest survey of Business Confidence is now sitting in the bottom 5% of all readings in the survey’s history.
• The S&P/ASX 200 is lower today at 8,725 as I type. The Aussie dollar is US.699.
• On the commodities front Oil is up further at $US106 a barrel, Gold is at $US4,192, while other commodities such as Copper and Aluminium are falling. Lithium is under pressure from renewed supply and European restrictions on Chinese EV imports.
• I was surprised to read that mortgage brokers now arrange 81.6% of Australia’s new home loans.
• REIWA reports 8,289 properties for sale in Perth, up 10% from 4 weeks ago and 200% from 1 year ago. On the rental front, Perth’s vacancy rate is at its lowest level in 2 years, at 1.7% at the end of September.
• The Spring selling season is moving into full swing, so call me today.
• It’s Telethon this weekend, so let’s all dig as deep into our pockets as we can

Jody Fewster

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

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