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Your source for the business news and analysis that matters. Hot topics, latest trends and expert opinions from respected commentators, NAB’s economists and leaders of Australian businesses.
The global pandemic upended every aspect of trading business operations, including supply chains. In the first of NAB’s three-part series of roundtables, NAB’s Michael Saadie speaks to two industry insiders about how supply chains have been impacted and what Australia’s traders are doing to adapt and capitalise on ever-increasing consumer demand.
It’s clear that with unemployment close to full employment levels and inflation way above target and forecast to rise higher, Australian interest rate settings should no longer be anywhere close to the emergency low settings implemented in the pandemic.
The biggest news overnight is commodities, oil prices are up, which threatens to prolong the inflation narrative.
COVID lockdowns point to weaker growth and greater uncertainty in the near term.
US Consumer Sentiment fell further than expected to be at its lowest level since August 2011 and with consumer confidence so low, the risk of recession is rising.
We now expect the global economy to grow by around 3.4% in 2022 and 2023. For Australia, we continue to be optimistic on the economy expecting above-trend growth this year and ongoing strength in the labour market.
Risk assets remained out of favour as concerns over inflation and recession risk continued to dominate.
Another volatile session in markets with an upward surprise in the April US inflation data release adding an extra layer of uncertainty