Westpac Consumer Confidence Index for July
- down 3.2% m/m after the 6.9% fall last month
- Lowest since December 2014
- 2.8% lower than a year ago
Westpac chief economist Bill Evans says the fall this month due to coverage of Greece and China. Says the coverage of Chinese share slump has been 'sensational'
- Says sentiment likely to recover as these 2 factors steady and progress... says "Back in 2011 the Index recovered by 6.7% once European fears settled down"
- Evans adds he sees no chance of an Reserve Bank of Australia rate cut in August, and only a limited chance of a cut by November ... "we are comfortable to retain the view that rates will remain on hold for the remainder of this year and throughout 2016"
--
ps. No sign of comments from the Federal Reserve's Esther George ... she was on the schedule for a speech at 0015GMT but nothing so far ...
- Fed's George delivers speech with similar content to July 9 speech, urged modestly higher rates soon, waiting too long could hurt economy
OK ... George comments hitting now .... BRB
