Tuesday 20th July 2021
There’s not been a lot of economic data around, but markets have dipped sharply on the back of rising COVID cases. NABs Tapas Strickland says its being driven by the preponderance of the Delta variant. Oil is also down, in part because of the OPEC deal discussed yesterday, but also expectations of a slower global economic recovery and less international travel. Further tensions with China are adding to the uncertainty, with the US now implicating Chinese nations in the hacking of Microsoft servers earlier in the year. This will add to the tensions between Australia and China. A quiet day today, with the RBA minutes from a meeting that won’t have reflected the growing global concerns, which could delay the bank’s decision of when to taper asset purchases.