Weekly Market Recap
Things are looking up
Week in review
- Business confidence rises for August
- Consumer sentiment up in September
- Housing finance increases by a strong at 8.9% m/m
- Australia labour market report
- U.S. Fed committee meeting
- Bank of England policy meeting
Thought of the week
The impacts of the extended lockdown in Victoria are becoming more apparent in the stop-start nature of business and consumer sentiment. Both indicators rose in the latest month, but the details were less encouraging. Business confidence has moved away from the low earlier this year but it’s clear the second wave of COVID infections and the slowing recovery around the country are acting as constraints on corporate Australia. Worryingly, the employment intentions component of the survey fell back sharply, suggesting a higher unemployment rate to come. Meanwhile, consumer sentiment ticked up in the latest reading as fiscal supports to households has helped to support household finances. However, as we learned from last quarter’s national accounts, providing households will additional money doesn’t mean they will spend it, and the spending intentions of the survey remain at depressed levels.
Consumer sentiment and business confidence
JPMorgan Global Research Enhanced Index Equity Fund
To achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.