False hopes?
There was a trifecta of good news at the end of last week – US inflation, China’s lockdowns and Russia’s retreat from Kherson. NAB’s Ray Attrill looks at the market response. The question is, was it all an overreaction?
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Show Notes
Monday 14th November 2022
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There was a trifecta of good news at the end of last week that sent equities rising, bond yields falling, commodities looking up and a chance for other currencies to gain on the US dollar at last. But will it last? That’s a question put to NAB’s Ray Attrill on this morning’s podcast. China announced some easing of COVID restrictions, Russia has backed out of Kherson and markets were still rejoicing with the fall in one month’s CPI read in the US. None of those translate to a fast track to a world that’s COVID free, with peace in Ukraine and price pressures alleviated. Could markets retrace their steps a little today after the euphoria at the end of the week, or will a positive meeting between President Xi and Biden later today add to the jubilation?
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