0442 GMT - Both the Reserve Bank of New Zealand and the Reserve Bank of Australia have been overtly hawkish of late, as both grapple with inflation and higher global interest rates, says Paul Bloxham, HSBC's chief economist for Australia, New Zealand and Global Commodities. The recent escalation of the Middle East and Russia-Ukraine wars are driving the concerns, as is the inflationary effect of the artificial-intelligence boom. Australia's local challenge is weak productivity growth while official interest rates in New Zealand are well below neutral. Bloxham expects the RBA to raise rates this week and again in November, with the RBNZ to hike in 4Q.