NAB released their Business Confidence....>

AUSTRALIA: NAB released their Business Confidence Survey for November. Headline

index dropped to 0 from 2, while the conditions gauge was unchanged from the

upgraded prior reading of 4. NAB writes in the accompanying note: "While

conditions appear to have stabilised in aggregate, the gap between the worst

performing industries - the goods related industries - and services widened

further. Mining has also weakened substantially in recent months after having

been the standout industry in the survey for some time. Also, unsurprisingly

construction and manufacturing are at modest levels with the slowdown in housing

construction and global confidence key headwinds." They add that "some of the

positivity we saw in previous months with the forward-looking components in the

business survey appears to have faded. Therefore, while we think conditions are

stabilising, we don't see a significant recovery as being imminent."

- Australian FX & FI markets have shown muted response to the survey.