Brits Big U Turn, America Buys the Dip
Britain has rushed through a big u-turn in their unpopular budget but JBWere’s Sally Auld says they still have a big budget black hole. Meanwhile rises in US equities. Buying the dip?
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 18th October 2022
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The UK government decided it couldn’t wait till the end of the month to reverse almost all of their unfunded tax cuts, so they did it yesterday, much to everyone’s surprise. Markets have taken it well, with big falls in bond yields and a rise in Sterling, but as JBWere’s Sally Auld points out, there is still a big budget gap to bridge. The impact has helped buoy US equity markets though – perhaps looking for a buy-the-dip excuse. Today look out for NZ CPI and the minutes of the last RBA meeting, when they surprised with a less than expected 25bp rate hike.
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