Financial analysts have forecasted a booming year for Australian banks in 2023 as they allegedly exploit a loophole in the central bank’s interest rate hiking cycle. Analysts at the global investment bank Goldman Sachs estimated that Australian banks would see a 20 percent surge in earnings this financial year, with a combined profit of $35.5…
Interest Rate Hikes to Push Australian Banks’ Earnings by 20 Percent in 2023: Goldman Sachs
January 17, 2023
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Reserve Bank of Australia Warns of More Rate Hikes in 2023 but Leaves All Options Open
December 21, 2022
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The Reserve Bank of Australia (RBA) has stated it will put a range of interest rate decisions on the table in 2023 while warning Australians of more potential rate hikes as the economic outlook remains uncertain. The newly released RBA’s meeting minutes revealed that the central bank put forward three interest rate options for December:…
Economy to Grow Slower, Inflation ‘Far Too High’: Fed’s Williams
November 30, 2022
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)high inflationinflationinterest rate hikesNew York Federal ReserveU.S. economic growthUS
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John Williams, president of the Federal Reserve Bank of New York, is expecting America’s economic growth to slow down and inflation to cool in the coming years. Due to the Fed’s tightening monetary policy, broad measures of financial conditions, including borrowing, equity prices, and mortgage rates, have become “significantly less supportive of spending.” Williams said…
Taiwan’s Exports to China Hit New Low as Chinese Economy Weakens
November 16, 2022
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Asia & PacificBusiness & MarketsChinaChina Business & EconomyClean Networkeconomyhigh inflationHong Konginterest rate hikessupply chainTaiwanTaiwan Exportstrade surplusUS-China relationsweakening economyWorld
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In October, Taiwan’s exports to mainland China and Hong Kong fell 9.2 percent from a year earlier, the lowest in nearly 20 months, the Ministry of Finance (MOF) said on Nov. 8. Beatrice Tsai, director-general of the MOF Department of Statistics, said the numbers are indicators of China’s weakening economy. Meanwhile, Taiwan’s trade surplus from…
The Global Rate Hikes Strike the Wall of Debt Maturity
Commentary More than 90 central banks worldwide are increasing interest rates. Bloomberg predicts that by mid-2023, the global policy rate, calculated as the average of major central banks’ reference rates weighted by GDP, will reach 5.4 percent. Next year, the federal funds rate is projected to reach 5.15 percent. Raising interest rates is a necessary…
Mortgage Demand Slumps to 25-Year Low as Rates Climb
October 20, 2022
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30-year mortgageBusiness & Marketseconomyinterest rate hikesMarketsmortgage applicationsmortgage demandpersonal financerecessionU.S. home pricesUSUS News
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Demand for mortgages has fallen to a multi-decade low amid rising interest rates that have hit record levels, according to the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, which measures the volume of loan applications, fell 4.5 percent for the week ending Oct. 14 from a week earlier on a seasonally adjusted basis, an…
World’s Most Expensive Housing Market, Transactions at Three-Decade low
October 19, 2022
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ChinaChina Business & EconomyHK BusinessHong KongHong Kong Propertyimmigrationinterest rate hikesSARSWorld
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Hong Kong, the world’s most expensive residential market, is facing a downward trend as it drops out of the top 10 world’s wealthiest cities. The economic downturn, immigration wave, and the Federal Reserve’s interest rate hike have all caused Hong Kong’s property prices to face deep declines. With the decoupling of China and the United…
LIVE NOW: OPEC+ Weighs Biggest Output Cut Since 2020; UK Makes U-Turn on Tax Cuts Amid Backlash | NTD Business
The U.N. is warning the world’s central banks their efforts to fight inflation by raising interest rates risk plunging the world into recession. The fight against inflation could get even more difficult as OPEC+, against President Joe Biden’s wishes, may cut oil production. The UK reverses its ambitious tax plan. After 10 days of fierce pressure, Britain’s finance…
OPEC+ Weighs Biggest Output Cut Since 2020; UK Makes U-Turn on Tax Cuts Amid Backlash | NTD Business
The U.N. is warning the world’s central banks their efforts to fight inflation by raising interest rates risk plunging the world into recession. The fight against inflation could get even more difficult as OPEC+, against President Joe Biden’s wishes, may cut oil production. The UK reverses its ambitious tax plan. After 10 days of fierce pressure, Britain’s finance…
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