- Story Log
User | Time | Action Performed |
---|---|---|
-
China Data Likely to Show Fragile Economy in Need of Support
China’s economic growth last quarter probably undershot Beijing’s annual target for 2023 as the property sector and subdued demand weighed on activity, a sign of the recovery’s fragility as the government reportedly mulls more stimulus. Data due Wednesday will likely show gross domestic product expanded 4.5% in the July-to-September period from a year earlier — below the official full-year target of about 5%. GDP growth from the prior quarter likely picked up slightly. Authorities will also release data on industrial output, retail sales, investment and unemployment. A growth rate slowing below the ... (full story)
- Comments
- Subscribe
-
- Older Stories
Members commenced their discussion of the global economy by observing that high inflation remained the key challenge facing central banks around the world. While core inflation had gradually moderated in most advanced economies in year-ended terms, monthly observations had edged higher in the United States and Canada. The persistence in core inflation had been driven by core services prices; core goods price inflation had moderated, and prices had declined in the United States and the United Kingdom over preceding months. Rising energy prices had seen headline inflation pick up in a number of countries over the prior couple of months, including in Australia. Members discussed the recent increase in oil prices, which were almost 30 per cent higher than at the end of June. The increase had occurred mainly in response to the decision by Russia and Saudi Arabia to extend supply cuts to the end of the year. Refined fuel prices had risen even more, owing to an increase in refinery margins following production disruptions in some markets. Members noted that output growth in advanced economies had slowed in response to contractionary monetary policy settings and cost-of-living pressures. Conditions in the manufacturing sector remained weak. While conditions in the services sector had been more positive for much of the year, they had eased in some advanced economies over prior months. By contrast, the US economy had shown considerable resilience, including in household consumption. Across advanced economies, slower output growth had been reflected in a gradual easing of tight labour market conditions. Unemployment rates had edged up but remained low, and job vacancies remained at high levels. In China, the most recent indicators of economic activity had been somewhat more positive than in prior months. Members observed that the property market remained the key exception; real estate investment, new housing starts and housing prices had all declined further over the preceding month. In response, Chinese authorities had implemented further modest policy stimulus measures targeted at the property and household sectors as well as infrastructure investment. A material slowdown in the Chinese economy remained a key risk to the global outlook. Despite the weakness in the property sector, Chinese steel demand had been resilient owing post: <AUD=>:*RBA CONSIDERED HIKE OR HOLD, DECIDED PAUSE CASE WAS STRONGER *RBA: A$ MOVES IN RECENT MONTHS EASE MONET. CONDITIONS AT MARGIN *RBA: PRIOR TO NOV. MEETING WILL HAVE JOBS, CPI, STAFF FORECASTS *RBA: CHALLENGES IN CHINESE ECONOMY COULD SLOW AUSTRALIA GROWTH post: RBA: MEMBERS ACKNOWLEDGED UPSIDE RISKS TO INFLATION WERE A "SIGNIFICANT CONCERN"
New Zealand inflation slowed more than economists expected in the third quarter as the central bank’s aggressive interest-rate hikes curbed household spending. The annual ...
Central banks could keep interest rates higher for longer as they fight to curb inflation that remains stubbornly high in many countries—and slow their economies by doing so. Such ...
-
- Newer Stories
Communication has been a problem for the RBA for a while, resulting in a loss of institutional reputation and replacement of former Governor Philip Lowe. But old habits are hard ...
For months now, Vladimir Putin has been in a lockdown of his own making. Only days ago, the Russian president travelled abroad for the first time since the International Criminal ...
New Zealand inflationary pressures moderated-more-than expected in the September quarter, taking the wind out of the NZD/USD’s sails following the expected election victory from ...
- Story Stats
- Posted: Oct 16, 2023 8:45pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,732
- Linked events: