BRICs Summit 2023

The end of the Petrodollar ?

BRICS invites six countries including Saudi Arabia, Iran to be new members [Reuters]

Chinese President XI Jinping’s statements

• BRICS countries should oppose economic coercion and focus on business cooperation. -
• BRICS countries should expand political and security cooperation, maintain peace and tranquility. -
• Cold War mentality persists today, geopolitical situation grim.
• China is ready to cooperate with all parties to establish a mechanism for sustainable industrial exchange and cooperation in the BRICS countries.?

Jackson Hole Symposium

Powell taking no chances with inflation, puts bond market on notice [AFR]

China

JUST IN >>

China Cuts Tax on Stock Trading to Boost Market Confidence [Bloomberg]

PBoC rate cut not enough for stock market but Yuan stabilises

China's industrial profits extend slump [Reuters]

Unpaid workers, silent sites: China's property woes hit Country Garden [Reuters]

In Case You Missed It

German PPI and GDP - economy still slowing

Japanese CPI elevated (for Japan)

University of Michigan inflation expectations higher

Australia

Australia seeing some disinflation in food prices & rents while wage increase expectations still high. Chinese economy worries rising with even the Treasure commenting.

WeWork troubles put $900m in rent at risk in Australia [AFR]

Treasury undercooked budget wage forecasts, documents reveal [AFR]

One in three Australian office desks are empty: report [AFR]

House rents drop in 20pc of all suburbs [AFR]

Shoplifters’ revenge the new worry for retailers [AFR]

Australia concerned about China economy, monitoring 'very closely' [Reuters]

Reserve Bank staff reject 10.5 per cent payrise offer, say it doesn't address cost of living [Apple News]? despite Lowe downplaying wage inflation (3.4-3.6%)

‘Perfect storm’ sees almost 1000 businesses collapse each day [Apple News]

Bond yields surge to decade high on cloudy rate path [AFR]

Australia set for weakest growth since WWII over next 40 years [AFR]

The latest intergenerational report forecasts annual average growth of 2.2 per cent over the next 40 years, which would be the lowest since World War II, and 0.9 percentage points lower than the average annual growth of the past 40 years.

…..due to an ageing population and lower population growth ++++low productivity

The report, which is being rolled out over the course of this week by Treasurer Jim Chalmers, is an exercise by Treasury to forecast over the next 40 years the key structural pressures in the budget.

Distressed selling on the rise: McGrath [AFR]

This Week's Important Economic Indicators [London time]

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