Monday 16th October 2023

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The uncertainty surrounding developments in the Middle East is seeing a rush to safe-haven assets, including a sizeable lift in gold prices. NAB’s Tapas Strickland wonders whether many investors had been caught short, buying in on central banks’ higher for longer narrative, without factoring in the risk of geopolitical uncertainty. The Israel Gaza conflict s now being taken seriously, with sharp rises in oil as questions remain around how much of a regional war could emanate from the unrest. Meanwhile, the question remains about how well contained inflation really is? The Michigan survey showed inflation expectations rising slightly. Rising oil prices will only add to that. Plus, an important week for Australian releases, Tapas talks us through it.

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DUNCAN MacNAUGHTON