Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The Reserve Bank of Australia's cumulative 250bp of interest rate hikes, coupled with elevated inflation, have weighed on two closely-watched measures of consumer sentiment.
The Westpac - Melbourne Institute Index of Consumer Sentiment fell 0.9% to 83.7 in October, keeping the gauge in deeply pessimistic territory. The reading could have been worse given the survey was conducted on days overlapping the Bank's Oct 4 meeting, where it raised rates a smaller-than-expected 25bp to 2.6%. (See MNI STATE OF PLAY: RBA Taps Brakes, Sees Slower Pace Of Hikes). Sentiment among those surveyed before the RBA meeting returned a reading of 77.4, which if it had been the overall result for the month would have been the second worst reading since the 1990s recession. Those interviewed after the RBA decision delivered an index reading of 88.7.
The ANZ - Roy Morgan Consumer Confidence Index fell 1.1% last week, falling to its lowest level since mid-August. Three of the five confidence sub-indices declined. Weekly inflation expectations fell 0.1 percentage points to 5.5%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.