October 2023 Economic Review
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The US economy expanded 4.9% in Q3 2023, primarily due to job growth. The ECB maintained 4% interest rates despite a weak economy, paused by PMI data and a 0.1% contraction in the euro zone.
Monthly Market Highlights – October 2023
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US core CPI increased 0.3% in September, 4.1% 12-monthly, while UK inflation remained 6.7% due to rising fuel costs, despite food price declines in two years.
Volatility is all a part of the investment process
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Despite this backdrop, central banks still made coordinated efforts to raise interest rates in aggressive increments to increase the cost of borrowing and bring inflation to its respective targets.
Events that moved the market Q3 2023
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In July, South Africa experienced a drop in inflation, while US interest rates reached their highest in 22 years. August saw rising wages and China’s property crisis intensified.