Wed, 19th Mar 2025

In the latest financial news wrap, Financial Services Online's Paige Estritori highlights global and Australian market events. A sharp downturn in US stock markets, triggered by Trump's increasing tariffs on Canadian imports, caused a surprisingly huge loss of $1.3 trillion last week. In Australia, the Reserve Bank's decision to cut interest rates by 25 basis points boosted consumer confidence and spurred economic optimism. Sydney's housing market continues to thrive, marked by a steady auction clearance rate and a promising price recovery. However, the OECD warns of slow economic growth for Australia and predicts a 1.9% GDP increase for 2025. These findings are influenced by potential international trade tensions and challenges that Australian exporters may face, resulting in constrained domestic growth. The Reserve Bank is expected to closely monitor these developments, adjusting interest rates as necessary.