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Breaking Market Wire, Asia Pacific

07 Mar 2023

RBA in the home straight

As was universally anticipated the RBA increased the cash rate by another 25bps at today’s policy meeting. This puts the cash rate at 3.6%, a high since May 2012, and makes it 10 straight meetings the RBA has lifted interest rates in its battle against inflation. After kicking things off in May 2022, the RBA has now increased the cash rate by a cumulative 350bps making this the fastest and most abrupt tightening cycle since at least the 1980s. The RBA doesn’t look to be finished just yet. It retains a hiking bias, noting it “expects that further tightening of...

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28 Feb 2023

Growth momentum slowing

Q4 2022 Australian GDP was weaker than predicted. The domestic economy expanded by a sluggish 0.5% (mkt 0.8%), with annual growth stepping down to 2.7%pa. A closer look at the detail doesn’t paint that much of a rosy picture. Net exports were a large positive contributor to growth in Q4 (adding 1.1%pts to the quarterly result), thanks to a rebound in coal exports and travel services which were boosted by the inflow of tourists and returning students. Consumption of services was also positive once again, though the slowing trend suggests the post-lockdown catch-up spending on services has now largely run...

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14 Feb 2023

Well-Prepared Markets Absorb Signs of Accelerating Inflation

US consumer prices rose by slightly more than forecast in January, but markets are reacting well – suggesting that expectations had climbed and risk had been sufficiently trimmed ahead of the release. According to data published by the Bureau of Labor Statistics this morning, the headline consumer price index rose 6.4% in January from the same period last year, up 0.5% on a month-over-month basis. Economists polled by the major data providers ahead of the release projected a 6.2% annual gain and a 0.5% jump relative to December. A seasonally-adjusted 2.4 percent month-over-month gain in gasoline prices partially offset a...

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