Confidence

Experts say ‘cautious consumption’ shows households bracing for return to extended period of financial pressure experienced during pandemic yearsGet our breaking news email, free app or daily news podcastAustralians are choosing chicken schnitzel over more expensive rib-eye steak, avoiding entrees and sticking with tap water rather than a glass of wine amid ongoing uncertainty surrounding the fuel crisis and war in Iran.As soon as the numbers on the petrol bowser started climbing last month as the US and Israel launched strikes on Iran, the customer response was swift. Continue reading...

Oil-driven inflation is big challenge to world economy, lifting inflation and depressing growth, says bank’s chairBusiness live – latest updatesHSBC bosses have said the Iran war is already hitting global economic confidence, as a string of business leaders warned over the impact of the conflict.Georges Elhedery, the Lebanon-born chief executive of the bank, told Bloomberg Television at a HSBC conference in Hong Kong: “We’re saddened and concerned with what’s happening in the Middle East, and we’re concerned not just with what’s happening but also with how long this will take. Continue reading...

Weakened economic activity, soaring fuel prices and rising inflation have created a horror scenario, RBA deputy governor saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAndrew Hauser, the Reserve Bank of Australia’s deputy governor, says the “stagflationary shock” from the Iran war is a “central banker’s nightmare”, as confidence among Australian households crashed to its lowest level in years.Speaking at an event in New York on Tuesday morning AEST, Hauser said the RBA was “judging the balance” between the damage to the economy from “a big income shock” associated with soaring fuel prices, versus a sharp rise in inflation. Continue reading...

Estate agents say rising mortgage costs have created a mood of fear, with Canterbury among the cities being hitHave you lost a mortgage deal or seen your rate rise?On a warm, spring morning in Canterbury, the cobbled streets are buzzing with activity and the white Tudor houses gleam in the sun.It is a scene that seems far removed from events in the Middle East, but the conflict is undermining business and consumer confidence – rattling the city’s housing market just as the spring selling season began. Continue reading...

• Thailand's Prime Minister Srettha Thavisin lost a confidence vote on April 7 after opposition parties united against his administration, citing corruption allegations and mishandling of economic policy. • The vote count was 272 to 198 against the government; Thavisin announced his resignation and said the coalition government has become unviable, triggering a constitutional crisis over succession. • Thailand's King has been briefed on developments; political analysts warn the instability could undermine investor confidence as the nation faces economic challenges and recovery from recent banking sector stress.