Australia data …
National Australia Bank business confidence for December, 2
- prior was 1
- … Wow! A doubling in business confidence (yeah, I am joking, K?)
- Commodity price declines impacting confidence in the mining sector
- Oil price falls positive impact on transport and utilities
National Australia Bank business conditions for December, 4
- Prior was 5
- Down for a 2nd consecutive month
- All three components of business conditions fell on the month (sales, profits and employment)
- Deterioration in mining and construction was particularly strong
- The trend result for conditions is being impacted by an abnormally strong result for October, which will drop out in the January reading
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- Confidence and conditions remain below the long-run average
- Forward orders fell back significantly
- The bellwether wholesale industries continue to lag
- AUD falls negative impact on importers ( … D’uh)
Comments from NAB:
- the result shows “a patchwork economy with little-to-no momentum building”
- “The trend in confidence is clearly down and at relatively soft levels”
- “The higher than expected budget deficit in the Government’s MYEFO did not seem to have a big impact on confidence”
- NAB keeps its forecast of two RBA cuts (March and August)
- But adds the cuts could start later, depending on economic data
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AUD a little lower after the data: