The cancellation of non-tradeable bonds should support tradeable assets

ISRAEL - Report 06 Sep 2022 by Jonathan Katz

1. Last week, the shekel weakened by 3.1% against the basket, pushing up our inflation forecast to 2.7% (from 2.5%) in the next 12 months.

2. Non-tradeable bond issuance to pension funds will be cancelled as of October 1, supporting demand for alternative tradeable assets (especially equities and corporate bonds).

3. The average wage remained stable in June and is up 3.2% y/y, mostly concentrated in the hi-tech sectors.

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