Key Points:
- NZ House Prices are set to keep falling according to a Reserve Bank report, to more sustainable levels – the fallout from negative consumer sentiment and higher borrowing costs
- US Federal Reserve hiked their interest rate to 4.0%, the highest it’s been since December 2007
- The Bank of England hiked their interest rate to 3.0% from 2.25% in a dovish review with Bailey saying the shock to the economy from the Ukraine war was bigger than the carnage seen in the 1970’s
- Hong Kong Central Bank raises base cash rate by 75 points to 4.25%
- Russia has agreed to re-join the Ukraine grain deal in a deal brokered by the UN and Turkey that allows the shipment of millions of tons of grain to pass via the Black Sea
- China October Manufacturing PMI 48.4 vs prior 49.3 with covid cited as the culprit
- The Reserve Bank of Australia raises interest rates 25 points to 2.85%
- The US Dollar (USD) is the strongest currency this week while the British Pound (GBP) has been the worst performer.