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Sharemarket Update August 18
4 August 2018
- Domestically; despite political unrest (and a change of Prime Minister) the All Ords remained very steady and has risen 1.8% since the start of the month, at the time of writing. Core inflation was clocked at 1.9%, however rising fuel prices helped push the headline inflation rate to 2.1%. Employment trends remain encouraging with 50,000 new jobs created in June. The RBA left the cash rate unchanged, however Westpac have announced a rise in their variable rates of 0.14%. Will the other big banks soon follow suit?
- In the US; the sharemarket continued to sour and rose 3.1% across the month of August, with the 2nd quarter GDP figures showing 4.1% (annualised). Business spending was slower across the quarter but the economy was buoyed by increased consumer spending and a marked increase in soybean exports. Headline inflation edged higher to 2.9%.Interest rates left unchanged by the Fed at 2.0%.
- In China; officials have taken steps to contain debt and leverage levels. GDP, although slowing, is on track to be 6.5% for 2018.
- The $AUS; fell from 74.2c to 72.9c.
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