Equities bomb as investors are reminded of inflation
Thursday 19th May 2022We\u2019ve seen big falls in US shares as major retailers issue profit warnings, based on inflation and supply chain worries. Investors responded quickly. Had they forgotten that inflation was a thing? It was a timely reminder, says NAB\u2019s Ray Attrill, that headline inflation hits consumer spending, so consumer staples and discretionaries will feel the pinch. The UK\u2019s CPI hit 9 percent, but was in line with expectations. Canada\u2019s inflation number was higher than anticipated, however. Australia\u2019s wage growth remains relatively subdued, but the RBA\u2019s focus will be on today\u2019s labour market data.
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