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4 September 2023,03:29
Weekly Outlook
4 September 2023, 03:29
With inflation slowing from 5.4%in June to 4.9% in July, the RBA has opted to maintain its interest rate at 4.1%. This decision allows the central bank to evaluate the effects of previous rate hikes and the economic trajectory. Additionally, the RBA cautioned that further rate increases are on the horizon, sparking a division among economists into two camps of belief.
The index dropped from 53.9 to 52.7, falling below analysts’ estimate of 53.0. The present non-manufacturing PMI indicates an economy that’s steadily moving forward, despite the ongoing interest rate increases by the Federal Reserve.
Economists predict that the second quarter GDP is likely to show a notable slowdown, primarily influenced by transient factors like wildfires, energy project maintenance, and a civil servants strike. As the final significant domestic data point, the outcome of the GDP results could potentially lead the BoC to contemplate a temporary halt in interest rate adjustments.
Exceeding the expected 0.8%, Japan’s preliminary GDP report disclosed a growth rate of 1.5%. This increase is attributed to exporting vehicles to the US and Europe. Despite the positive outcome, economists urge prudence due to potential risks from the global economy and the impact of rising prices. The Bank of Japan is adopting a cautious approach, observing the situation before making any decisions.
Germany’s economy showed no growth in the Q2, which can be reflected in the country’s GDP that remained at 0.3 for two consecutive months, from June to July. The lack of progress was mainly due to weakened global demand. Imports of goods and services remained stagnant, and exports were lower compared to the previous quarter. The weakened economy could prompt the ECB to pause upcoming interest rate adjustments.
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