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Japan household spending down for 7th month in Sept. as wages slide
Japan's household spending in September fell 2.8 percent from a year earlier for the seventh consecutive monthly fall, as people cut back spending on food and other items amid rising prices while real wages continue to slide, government data showed Tuesday. Households of two or more people spent an average of 282,969 yen ($1,890), the Ministry of Internal Affairs and Communications said. The rate of decline expanded from a 2.5 percent drop in August. Separate data showed that real, inflation-adjusted wages in September dropped 2.4 percent from the previous year for the 18th straight monthly fall. Nominal wages, the ... (full story)
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At its meeting today, the Board decided to raise the cash rate target by 25 basis points to 4.35 per cent. It also increased the interest rate paid on Exchange Settlement balances by 25 basis points to 4.25 per cent. Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago. The latest reading on CPI inflation indicates that while goods price inflation has eased further, the prices of many services are continuing to rise briskly. While the central forecast is for CPI inflation to continue to decline, progress looks to be slower than earlier expected. CPI inflation is now expected to be around 3½ per cent by the end of 2024 and at the top of the target range of 2 to 3 per cent by the end of 2025. The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe. The Board had held interest rates steady since June following an increase of 4 percentage points since May last year. It had judged that higher interest rates were working to establish a more sustainable balance between supply and demand in the economy. Furthermore, it had noted that the impact of the more recent rate rises would continue to flow through the economy. It had therefore decided that it was appropriate to hold rates steady to provide time to assess the impact of the increase in interest rates so far. In particular, the Board had indicated that it would be paying close attention to developments in the g post: RBA: BOARD JUDGED AN INCREASE IN INTEREST RATES WAS WARRANTED TODAY TO BE MORE ASSURED THAT INFLATION WOULD RETURN TO TARGET IN A REASONABLE TIMEFRAME. post: RBA: WHETHER FURTHER TIGHTENING OF MONETARY POLICY IS REQUIRED TO ENSURE THAT INFLATION RETURNS TO TARGET IN A REASONABLE TIME FRAME WILL DEPEND UPON THE DATA AND THE EVOLVING ASSESSMENT OF RISKS post: RBA: HIGH INFLATION IS WEIGHING ON PEOPLE’S REAL INCOMES AND HOUSEHOLD CONSUMPTION GROWTH IS WEAK, AS IS DWELLING INVESTMENT #News #Markets #RBA #INFLATION #live post: AUSSIE DOLLAR DOWN 0.12% TO $0.6481 AFTER RBA HIKES RATES BY 25 BPS
Every analyst I've read on the Tuesday, 7 November 2023 RBA decision has forecast a rate hike. I have seen a couple of hold outs though. I haven't managed to read a piece making ...
post: China Trade Balance Oct: $56.53B (est $82.0B; prevR $77.83B) - Exports (Y/Y): -6.4% (est -3.5%; prev -6.2%) - Imports (Y/Y): 3.0% (est -5.0%; prevR -6.3%)China’s imports surprise with growth in October, but exports fall more than expected China reported a worse-than-expected drop in exports in October, while imports surprisingly rose for the month from a year ago. China’s customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That’s worse than the 3.3% drop predicted by a Reuters poll. Imports rose by 3% in U.S. dollar terms in October from a year ago. That’s in contrast to the Reuters’ forecast for a 4.8% drop from a year ago. China’s exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year. Lackluster global demand for Chinese goods and muted domestic demand have dragged down China’s overall trade. The world’s second-largest economy reported 4.9% growth in gross domestic product in the third quarter, beating expectations and keeping China on track for its official target of around 5% gr
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- Posted: Nov 6, 2023 10:48pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,951
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