Tuesday 29th November 2022
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China is losing out on two fronts. It can’t keep its COVID numbers down and now its facing protests in major cities, which could add to the slowdown in the Chinese economy and, as JBWere’s Sally Auld suggests, it could delay the speed of the global recovery. We’ve already had two Fed speakers overnight suggesting rates might be higher for longer than markets are expecting. In Europe Christine Lagarde continues to take a hawkish stance (just ahead of Euro area inflation numbers), whilst the RBA’s Philip Lowe has been forced to apologise for misleading Australians on the speed and size of rate hikes from the central bank. It’s unlikely yesterday’s drop in retail sales will have any impact on the current path from the RBA – after all, it’s just one month and there are several factors influencing that number.
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