Market Overview
Key Points:
- Worldwide coronavirus cases surpass 247.697 million with over 5.018 million official deaths.
- New Zealand has 1929 active cases of coronavirus with 129 new cases today. Meanwhile, the Australian State of New South Wales reported 135 new cases and 4 deaths yesterday with Victoria reporting 1471 new cases with 4 deaths
- NSW have bought forward covid restrictions for the vaccinated to Monday November 8th, first dose numbers are now 93.65%
- Australian Inflation expectations are now the highest in seven years with figures supporting the annual inflation number is predicted to soar to nearly 5.0% over the next two years
- Australian Consumer Confidence at 108.4 vs prior 106.8
- NZ Building permits for September are down 1.9% from August’s 3.8%. Orr expects the easing of house prices in the medium term
- Supply chain issues are still pushing up Crude Oil prices- today at 84.80 per barrel, analysts are predicting levels to peak at 120.00 per barrel in mid next year and will drive up the prices of gasoline, jet fuel and other energy prices
Major Announcements last week:
- Australian CPI released at 0.8% for the September quarter changing the y/y figure from 3.1% to 3.0%
- The Bank of Canada accerated timing of rate hikes to possiby April next year
- The ECB’s Lagarde comented saying higher inflation had not run its course
- US advanced GDP for September prints at 2.0% vs 2.6%