Weekly Market WATCh

  • Market WATCh Weekly 22 October 2021

    October 22, 2021

    Domestically, job vacancies rose in September, while payroll jobs picked up towards the end of that month helped by a gain in New South Wales ahead of the end of the Greater Sydney lockdown. The easing of COVID-related restrictions over east helped push the PMI composite back into expansion.
    Offshore, the Chinese Q3 GDP and September activity data disappointed, while steel output fell to the lowest level in over three years. US industrial production also saw a surprisingly large fall in September.

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  • Market WATCh Weekly 26 October 2021

    November 26, 2021

    In Australia, construction work done fell less than expected in Q3, while capital spending plans for 2021-22 were upgraded. The flash PMIs pointed to stronger economic activity in November. Payrolls rose sharply in Victoria and New South Wales in the second half of October. Retail sales surged in October as restrictions were wound back on the east coast. Abroad, US personal spending rose more than expected in October, while PCE price inflation drifted further above the FOMC’s goal. The PMIs pointed to slight deceleration in US activity growth amid higher costs as well as mounting materials and labour shortages. US initial jobless claims fell to the lowest level since the 1960s last week.

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  • Market WATCh Weekly 19 November 2021

    October 19, 2021

    In Australia, the wage price index rose by 0.6% in Q3, to be up 2.2% through the year. ANZ survey consumer inflation expectations rose back to eight-year highs. Western Australian real GSP rose by 2.6% in 2020-21. Offshore, US retail sales and industrial production grew more than expected in October. Growth in Chinese retail sales and industrial production improved but remained soft in October, while growth in urban fixed asset investment slowed. Chinese steel output fell to the lowest level since 2017.

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  • Market WATCh Weekly 12 November 2021

    November 12, 2021

    Australian employment continued to be dragged down by Victoria in early October but employment in New South Wales bounced in anticipation of the upcoming end to the lockdown. The Aussie unemployment rate rose sharply. Business conditions and confidence, as well as consumer sentiment improved after COVID-related restrictions were eased. Offshore, US annual headline CPI inflation rose to the highest levels since late 1990 in October, while annual PPI inflation remained at a series high. Chinese PPI inflation reached the highest levels since mid-1990s.

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  • Market WATCh Weekly 5 November 2021

    November 5, 2021

    In Australia, the RBA scrapped its April 2024 bond yield target and the forward guidance on a 2024 cash rate hike. Data-wise, new home loans and dwelling approvals fell in September, while lower iron ore prices have translated into a decline in the trade surplus in September. Abroad, the FOMC has announced the start of QE tapering. The US ADP employment report surprised to the upside in September, while the US and Chinese PMIs surprised to the upside.

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  • Market WATCh Weekly 29 October 2021

    October 29, 2021

    In Australia, annual trimmed mean inflation unexpectedly rose into the RBA target range in Q3, pulling forward market expectations for RBA cash rate hikes. International trade prices suggest the terms of trade rose to a new record high in Q3. Retail sales were better than expected and private sector credit growth remained robust in September. Abroad, US GDP growth slowed markedly in Q3, largely on lower spending on motor vehicles and parts. The ECB and the Bank of Japan both left their monetary policy settings unchanged this week.

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