Week in review
- NAB business confidence flat
- Westpac consumer confidence declines to 95.1
- ECB holds rates steady
- PMIs for manufacturing for U.S, Eurozone and Japan
- Chinese investment and retail sales
- Australia housing finance and labour market report
Thought of the week
Globally there has been a tentative turn in corporate and consumer sentiment, however, this has yet to make its way down under. Surveys released last week showed that corporate and household sentiment remained subdued in Australia. The softness does not bode well for domestic demand and the outlook for growth. As we’ve noted before, a pick-up in business investment is reliant on an improving outlook for household and rising levels of demand. So far the easing by the RBA has not been enough to reinvigorate confidence in the economy. Recent announcements on the U.S. – China phase one trade agreement may show up in next month’s survey, but even still further easing from the RBA is likely next year.
Australia business and consumer sentiment
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