Downbeat economic pressures pile up

<p>Kia ora,</p><p>Welcome to Tuesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news that is generally down-beat today.</p><p><a href="https://www.imf.org/en/Blogs/Articles/2022/11/13/slowing-global-economic-growth-is-increasingly-evident-high-frequency-data-show" target="_blank"><strong>The global economic outlook is even gloomier</strong></a> than projected last month, the IMF told G-20 leaders, citing a steady worsening in PMI surveys in recent months. It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions, and food insecurity caused by Russia’s invasion of Ukraine.</p><p>In the US, <a href="https://www.newyorkfed.org/newsevents/news/research/2022/20221114" target="_blank"><strong>consumer inflation expectations</strong></a> for the year ahead increased to 5.9% in October from 5.4% in September. This comes after three consecutive months of a slowdown. Driving the rise was the expectation that petrol prices would rise further. But expectations about year-ahead price changes rose for food and for rent both remained very high. The RBNZ will release the results of its own survey of consumer expectations later today.</p><p>Also later today, the REINZ will release its October house price data and it is expected to be deflationary.</p><p>In China, the 16-point rescue of their property sector we noted yesterday is now official. It will be a costly affair, and there is no evidence it will actually stop falling house prices there. However, the currency markets liked the intervention, and the yuan has stopped falling.</p><p>In South Korea, we should keep an eye on <a href="https://asia.nikkei.com/Spotlight/Market-Spotlight/South-Korea-suffers-from-corporate-debt-liquidity-crunch" target="_blank"><strong>a growing bond crisis</strong></a> th