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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Retail petrol prices were down less than a cent as of October 9, as measured by the Australian Institute of Petroleum, but month average prices to date have seen an increase of 8.4% due to the return of the full fuel excise at the end of September.
- This trend could impact this week’s consumer data with both consumer confidence and inflation expectations tending to move with petrol prices this year. As a result, sentiment could turn down again after last month’s tick up and inflation expectations could rise after three consecutive months of declines.
- Wholesale petrol prices rose more than 13 cents over the last week, which could put upward pressure on prices at the pump, according to the Australian.
- Crude oil prices are so far lower today (-0.9%) but both WTI and Brent are holding above $90/barrel after prices rose strongly last week on news that OPEC+ would cut production 2mn bpd.
Fig 1: Petrol prices and inflation expectations
Source: MNI - Market News, Australian Institute of Petroleum, Refinitv
Fig 2: Petrol prices and consumer confidence
Source: MNI - Market News, Australian Institute of Petroleum, Refinitv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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