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3 November 2023,02:41
Weekly Outlook
3 November 2023, 02:41
There is a growing likelihood and concerns that the RBA will opt for another interest rate hike in the upcoming decision. This expectation is fueled by the resurgence of house prices, nearing previous all-time highs. The International Monetary Fund has suggested implementing stricter monetary and fiscal policies to address rising inflation.
Market expectations indicated the potential for German CPI to decrease from 0.3% to 0.1%. However, the preliminary results revealed a further decline to 0.0%. These figures emphasize that the German economy has indeed emerged as one of the slower-growing economies within the eurozone.
The weekly data from the US Department of Labor (DOL) reported 210,000 initial jobless claims in October. This figure was slightly higher than the market’s expectation of 208,000. Economists suggest that while there are relatively few job losses, this aligns with a potentially slower hiring pace in the labor market.
A modest 0.2% in GDP for August resulted from a surge in business services output. Despite the slight growth in August, there is growing apprehension that the UK economy might be approaching a recession due to the dampening effect of higher interest rates on demand.
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