Market WATCh Weekly 23 October 2020

Market WATCh Weekly 23 October 2020

October 23, 2020

In Australia, the weekly payrolls suggested that the labour market recovery stalled in late September, while the preliminary retail sales report pointed to ongoing contraction across all states last month. The flash PMI report signalled an acceleration in output growth in October. The RBA Board minutes opened the door to a reduction of its interest rate targets to near zero and, possibly, the start of longer-term government bond purchases as early as next month. Abroad, Chinese economic activity data confirmed an ongoing recovery, with steel output at near record highs.

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