Impeachment talk knocks markets
Wednesday 25th September 2019 Nancy Pelosi has announced impeachment proceedings against the US President, over allegations he pressured the Ukranian President to interfere with the 2020 elections. As NAB’s Rodrigo Catril explains, the news has hit equities, bond yields and oil prices hard. Equities had already been impacted by President Trump’s UN speech, where he hit out at China (and many other places) and technology firms. In the UK parliament is set to resume after the Supreme Court ruled that Boris Johnson did illegally prorogue parliament, a finding which has helped the pound gain some strength. At home, Philip Lowe didn’t exactly spell out a rate cut at the next RBA meeting, but many have interpreted it that way, and the RBNZ is unlikely to make a move today.