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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.
AUSTRALIA DATA
The December NAB business survey was mixed with confidence rising 7 points to -1 from -8, driven by retailers, but conditions declining 2 points to +7, still higher than 2019 but only just above the series average. Confidence is below the historical average despite the December improvement, as the business outlook is clouded by still above-target inflation and geopolitical and policy developments. NAB notes that the deterioration in business conditions likely resulted in the easing in price pressures.
- Conditions eased over 2023 starting at 22 in January and finishing at 7 after the RBA brought rates to 4.35% and cost-of-living pressures continued to be an issue for the entire year. Confidence was volatile in 2023 but finished the year around the annual average.
- Business conditions were weighed down by the trading environment (-3 points) and employment (-2 points) while profitability was unchanged. The deterioration was driven by manufacturing and construction but services were still robust. Capacity pressures eased with the utilisation rate down to 82.7%, remaining above average.
- Forward orders improved 1 point to -3, which is still below average.
- Export sentiment deteriorated with exports down 1 point and sales down 5 points.
- See NAB report here.
Australia NAB business conditions vs forward orders
Source: MNI - Market News/Refinitiv
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.
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