Market WATCh Weekly 12 August 2022

Market WATCh Weekly 12 August 2022

August 12, 2022

At home, NAB business conditions and confidence improved in July, despite the fastest rise in purchase and labour costs on record. However, Westpac consumer confidence deteriorated for the ninth month in a row in August, while payroll jobs declined in early July. Offshore, the annual rate of US CPI inflation declined to 8.5% in July, the lowest level since April, while core inflation remained unchanged at 5.9%. July also saw the first monthly decline in US PPI since the early days of the pandemic. Chinese CPI inflation rose to a two-year high in July, driven by food prices, but core inflation declined and remained low. At the same time, China’s PPI inflation dropped to the lowest level since February 2021.

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