world economic news

World Economic News – Tuesday 06/12/2022



The Reserve Bank of Australia raised the cash rate by 25bps to 3.1% at its final meeting of 2022, matching market forecasts. The move marked the eighth straight rate hike, taking borrowing costs to a level not seen since November 2012. RBA Governor Philip Lowe said the Board “expects to increase interest rates further over the period ahead, but it is not on a pre-set course,” noting that the “size and timing of future interest rate increases will continue to be determined by the incoming data” and by the “Board’s assessment of the outlook for inflation and the labor market.”


The annual inflation rate in the Philippines rose to 8.0% in November 2022, the highest level since November 2008, mainly due to an increase in food prices. Additional upward pressures also came from cost of housing (6.9% vs 7.4%), transport (12.3% vs 12.5%) and alcoholic beverages (10.6% vs 10.4%).


Purchasing Managers’ Index (PMI) in the UK stood at 50.4, the S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) said in their report on Tuesday. The figure came in lower than expected and represented a decrease from October’s 53.2.


Seasonally and price-adjusted new factory orders in Germany increased by 0.8% in October on a monthly basis, the country’s Federal Statistical Office Destatis revealed in a report. On an annual basis new orders fell. 3.2%.


New orders for U.S. manufactured goods jumped by more than expected in October. The Commerce Department said factory orders shot up by 1.0% October after rising by 0.3% in September, according to a report released by the Commerce Department on Monday.