Market WATCh Weekly 9 September 2022

Market WATCh Weekly 9 September 2022

September 9, 2022

The RBA has increased its policy interest rates by another 50bps, including the cash rate target to 2.35%. Aussie real GDP rose 0.9% in Q2, supported by strong performance of private consumption and exports. The surge in commodity prices saw a surge in the current account surplus and terms of trade in Q2, but the trade surplus narrowed in July. ANZ job ads resumed rising in August and the Melbourne Institute inflation gauge edged down but remained elevated. Payroll jobs fell 0.8% in the month to 13 August, while total wages were 1.9% lower (both unadjusted). Offshore, the ISM PMI report pointed to slight acceleration in services activity growth in the US. In China, the trade surplus narrowed in August, while the Caixin PMI signalled ongoing expansion in services.

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