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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.
AUSTRALIA DATA
NAB business conditions fell to 8.2 in May from 14.8, the lowest since January 2022 but still slightly above average. Business confidence fell to -3.7 from +0.3. NAB noted that there were “worrying signs of a slowing in activity”. All the activity components were lower while some of the price/cost measures rose slightly. A scenario of weak growth but stubborn inflation would make RBA decision making particularly difficult.
- The leading forward orders component fell to -4.8 from +0.9, the lowest since Covid-impacted July 2021. This signals that demand and business conditions are likely to slow further. The orders weakness was driven by the consumer sector.
- Trading conditions fell to 14.4 from 21.7, profitability to 6.6 from 11.8 and employment to 4.2 from 10.7. The latter with rising Westpac unemployment expectations are pointing to a turn in the labour market. Conditions were weaker across industries, but confidence rose in mining, manufacturing and transport & utilities in May.
- Exports were also down but remained just in positive territory. Exporters sales fell to 0.2 from 3.7.
Australia NAB business conditions vs forward orders
Source: MNI - Market News/Refinitiv
Australia Employment y/y% vs NAB employment
Source: MNI - Market News/Refinitiv/ABS
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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