Previous Trading Days Events 04 Dec 2023

Australias central bank RBA held interest rates steady as expected, as it needs more time to assess the state of the economy and decide whether to tighten further next year. Rates were kept at a 12year high of 4.35.

Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market, RBA Governor Michele Bullock said.

The statement, in our view, was less hawkish than Novembers and also less hawkish than we expected, Barclays analysts said in a note to clients. We continue to think the hiking cycle is over, though we do note the banks datadependent approach means the possibility of another hike after the Q4 inflation print. Those figures are due in late January, ahead of the next RBA meeting on Feb. 6.

According to the monthly inflation report for October, it fell by more than expected, insufficient to provide an update on services. Rates have now risen by 425 basis points since May last year.

Source

httpswww.reuters.commarketsaustraliascentralbankholdsratessteadyretainshikingbias20231205

According to the JOLTS Job Openings report for the S., they dropped to more than a 212year low in October. Demand for labour was cooling amid higher interest rates apparently. 1.34 vacancies for every unemployed person in October, the lowest since August 2021. Fewer resignations were recorded, with workers generally staying put at their jobs….