Market WATCh Weekly 9 December 2022

Market WATCh Weekly 9 December 2022

December 9, 2022

At home, the RBA has increased its policy interest rates by another 25bps, including the cash rate to 3.10%. Data-wise, real GDP rose 0.6% in Q3, while the current account balance turned negative. The trade surplus declined slightly in October. Melbourne Institute inflation gauge pointed to a renewed rise of inflation in November. Payroll jobs increased 0.7% and total wages fell 0.2% in the month to 12 November. Abroad, the US ISM services PMI rose further into expansion in November, while price pressures remained acute. Chinese external trade slumped in November, but iron ore imports rebounded. Chinese service sector activity fell at a faster pace in November, while PPI inflation was again negative and CPI inflation slowed further.

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