Gloomy and more uncertain

Tuesday 11th October 2022

The latest title from to the IMF’s World Economic Outlook is ‘Gloomy and More Uncertain’. That certainly reflects the mood this morning, with risk driven by an escalating war in Ukraine, question marks over whether the UK Chancellor’s budget will pass muster with the markets, and the China slowdown, now added to by President Biden cracking down on the export of advanced semiconductors. NAB’s Rodrigo Catril says the timing of the US Presidents restriction is impeccable, just ahead of the Party Congress and the expected announcement of President Xi winning another term in office. Is that why the Aussie dollar is so weak today, falling more than any other major currency? And will we see a continued division between negative consumer sentiment in Australia, offset by more a positive business sector?

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