Beijing’s stimulus shows signs of success, but global growth faces a risk of downgrade as war escalates.
Oil prices surge as the Gaza hospital explosion triggers heightened concerns in the Middle East conflict, amid reports of declining crude reserves.
Retail sales and industrial output for September also surprised on the upside, suggesting activity had been gaining momentum. “We judge the risks are tilted towards escalation and spread of the Israel-Hamas conflict to other countries in the Middle East,” warned analysts at CBA in a note. “A major spike in volatility and a downgrade of the global economic growth outlook is possible.”
Stocks were also pressured by a jump in bond yields after a barnstorming report on September US retail sales sent analysts scurrying to revise up forecasts for economic growth for both the third and fourth quarters.
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