Economic Insights: Petrol prices at decade highs, but there's relief ahead

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Market Close Report

22 Oct 18, 12.10pm (AEDT). The ASX 200 has lost most of last week's gains, closing down 34 points or 0.6% to 5,904 as Financial, Energy, Consumer Discretionary and Healthcare stocks declined. PREVIOUS REPORT

Spending Moderates

22 Oct 18. According to the The Commonwealth Bank Business Sales Indicator (BSI), a measure of economy-wide spending, rose by 0.2 per cent in trend terms in September – the weakest growth since May 2017

Jobless rate falls to 6-year lows

18 Oct 18. The jobless rate fell to six-year lows of 5.0 per cent in September, while total employment rose by 5,600.

Rising food prices lift Chinese inflation

16 Oct 18. Chinese inflation has lifted for four straight months in annual terms but is well contained at 2.5% – below the government’s target of 3%.

Consumers shrug off petrol pain

16 Oct 18. The ANZ-Roy Morgan consumer confidence rating rose by 1.9% to 119.5 in the past week. The index is above the average of 114.2 held since 2014.

Slowest Chinese GDP in 9½ years

19 Oct 18. The Chinese economy grew at a 6.5% annual rate in the Sept quarter, down from 6.7% in the June quarter – the slowest annual growth rate in 9½ years.   

China continues to lead tourist arrivals

17 Oct 18. Tourist arrivals rose by 2.6% to 794,400 in August. Over the year to August a record 1.4 million tourists visited from China. 

Petrol prices at decade highs

22 Oct 18. The national average price of unleaded petrol rose in the past week by 1.8 cents to 159.3 cents a litre – the highest level for over a decade.

The Week Ahead

19 Oct 18. The Reserve Bank dominates a quiet week on the data front in Australia. Deputy Governor Guy Debelle hits the speaking circuit for a second successive week. US GDP will be the highlight overseasWATCH VIDEO

 

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