Key Points:
- Interest rate hold expected from the RBNZ tomorrow.
- Goldman Sachs expects only a 20% chance of a US recession over the next year.
- The Federal Reserve are expected to leave their cash rate unchanged at the September meeting with cuts predicted mid-2024.
- Chinese real estate company “Country Garden’s” share price crashed about 20% overnight reigniting the state of the economy’s recession fears.
- NZ Business Services Index contracted from 49.6 to 47.8 in July.
- German economic outlook is looking bleak amid a heavy manufacturing recession.
- The US Dollar (USD) has been the strongest currency this month with the New Zealand Dollar (NZD) the worst performer.