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RBA hikes rates by another 50 basis points

Today's news headlines:

‘Natural gas soars 700%, becoming driving force in new cold war’. As the world grapples with soaring inflation fuelled by natural gas price rises, many countries are looking down the barrel of a recession. Initiatives such as climate change plans have been pushed to one side as shortages of essential inputs cripple supply chains. The outbreak of war in Ukraine has exacerbated the issue to no end. Germany has said shortfalls in gas could trigger a 2008 financial-crisis-style collapse as the prospect of running out of power ramps up heading into the winter. (Bloomberg)

‘London has a two-tier home market as apartment values fall 11%’. London property values are diverging as apartment values decline. Apartments have lost around 11% of their value in one year despite rising house prices. Demand for these smaller living spaces seems to be less popular in the capital, with London being the worst-performing property market as the lag time to sell a property rises. (Bloomberg)


Asian shares ticked higher overnight, with the Nikkei 225 up 1%, while US equity futures point to modest gains. The Reserve Bank of Australia hiked interest rates to 1.35% overnight, the highest level since May 2019. Oil prices are higher this morning, with WTI trading at $110 per barrel.


Reserve Bank of Australia Cash Rate decision (July): 1.35% (est. 1.35%)
France Industrial Production m/m (May): 0.0% (est. 0.1%)
Bank of England Financial Stability Report: 10:30AM
Bank of England Governor Andrew Bailey speaks: 11:00AM
UK Monetary Policy Committee member Silvana Tenreyro speaks: 5:30PM

Interbank rates:

GBP/USD – 1.2080
GBP/EUR – 1.1616
EUR/USD – 1.0399
USD/CAD – 1.2863

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.