Tuesday 18th July 2023

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There was further evidence of a slowdown in the Chinese economy in yesterday’s GDP print. NAB’s Rodrigo Catril says it reinforces the need for targeted fiscal measures to keep the economy on track for the target 5% annual growth. The Aussie moved down lower on the news and could take a further hit if the RBA minutes suggest a delay before they hike again. There was a sprinkling of US data that reinforced the soft-landing scenario, supported by words from Janet Yellen suggesting a recession won’t happen given the strong labour market, with more people returning to work.

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