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Hedge Clippings | 30 August 2024 This week's July CPI figure was the first downward movement since last December, falling 0.3% to 3.5% depending on which indicator one chose - Headline (3.6%), Seasonally Adjusted (3.6%), Excluding Volatile Items (3.7%), or Trimmed Mean (3.8%). However, all fell, thanks in most part to the fall of 5.1% in electricity prices, which in turn fell thanks to a range of state and federal handouts. It seems unlikely that the improvement, while welcome, will sway the RBA at their next meeting, on 24 September, but Michele Bullock may give some clues when she's due to have a "fireside chat" next Thursday at a Women in Banking & Finance event in Sydney. In the mean-time we expect the phone lines will be running hot between Jim Chalmers and the RBA to encourage a rate fall, which is unlikely. All the Bank's prior comments and commitments suggest they won't be fooled by one-off numbers, however welcome, triggered by governments - state and federal intent on re-election. Today's flat July retail sales figures may assist somewhat, but the August CPI figure due inconveniently on 25th September, the day after the RBA's meeting and announcement, will also be impacted by further flows of government rebates. By which time of course we'll be totally focused on footy finals of one code or another, with the AFL plus the Wallabies second Bledisloe game on the 28th, and the NRL a week later. Prior to that of course, the Sydney Swans play the GWS Giants this week-end. Who would have thought that two Sydney teams playing in a final a possibility even 10 years ago? News & Insights 10k Words | Equitable Investors Market Commentary | Glenmore Asset Management July 2024 Performance News Seed Funds Management Hybrid Income Fund Bennelong Twenty20 Australian Equities Fund Insync Global Quality Equity Fund |
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