US rally, Chinas slump, UKs new PM
Tuesday 25th October 2022
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It's been a very mixed session depending on vaired geographic circumstances, says NAB\u2019s Taylor Nugent. US equities continue to rally on anticipation of positive earnings results and the hope that the Fed will slow down its pace of hikes. Europe has seen modest gains as gas prices fall, offsetting a slightly worse than expected set of PMIs. The UK has seen gilts back in fashion as Rishi Sunak is announced as the new Prime Minister, generally seen as a relatively safe pair of hands. But China has seen the offshore Yuan fall sharply and equities also taking a dive, despite relatively strong economic data, including a better-than-expected GDP read. The concern is the direction President Xi will take as he surrounds himself with allies and prepares for more controls and lockdowns. Tonight we\u2019ll find out what\u2019s in the Australian budget, at least those bits that haven\u2019t already been leaked to the press.
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