Recession signs, RBA to hike, grains from Odessa
b'Tuesday 2nd August 2022There were further signs of a looming recession, with the US manufacturing ISM weakening, the Caixin Manufacturing PMI also lower and retail sales in Germany falling the most in 50 years. Oil is also falling, and the 2-10 yield spread in the US is close to being the most inverted it\\u2019s been since the year 2000. You\\u2019d think although these recession signs at a time when central banks are still pursuing aggressive hikes would be enough to upset the markets, but NAB\\u2019s Rodrigo Catril says they clearly haven\\u2019t got the message yet, with equities showing only minor falls today. The only positive news of the day was that the first shipment of grain has left from Odessa, but it\\u2019s anyone\\u2019s guess how long that will last. The RBA meets today, a 50-basis point rise is expected, and an increase in the bank\\u2019s inflation forecast this week.
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