Shares down as consumers focus on the essentials
Wednesday 27th July 2022There gave been sizeable falls in US equities, mainly stemming from a cut to Walmart\u2019s profit estimates. NAB\u2019s Tapas Strickland explains how the rising price of food is leaving less money for people to spend on discretionary items, with more price increases to come. Meanwhile, Europe is hoping to cut gas consumption as Russia halves the supply of gas down the Nordstream pipeline. The EU has agreed a voluntary arrangement, but will be enough to build reserves for winter? Australia\u2019s inflation numbers are out today \u2013 what will they be, and could they force the RBA to be more aggressive next week? The IMF has downgraded its global growth forecasts, noting an increasingly gloomy and uncertain outlook. Least but not least, the FOMC announces its rate decision just before tomorrow\u2019s podcast. Tune in then for the full rundown, as it happens.
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