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01 Oct 2024

01 Oct 2024

Middle East tensions rock the boat

• Geopolitics. Developments in the Middle East dampened sentiment. Equities & bond yields declined. USD a little firmer. AUD modestly lower.• Oil & vol. Brent crude prices increased, but now look to be tracking inline with fundamentals. Measures of volatility also not showing much stress.• NZD weaker. NZD fell, AUD/NZD rose. NZIER Survey showed price pressures are cooling fast raising the odds the RBNZ cuts rates by 50bps. Geopolitics trumped economics overnight with escalating tensions in the Middle East generating a bout of risk aversion. Iran launched a barrage of missiles at Israel, a few hours after the US had...

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