Analysts at Westpac explained their outlook for today’s key events.
Key Quotes:
Australia’s busy data week starts with the Oct NAB business confidence survey at 11:30am Syd/8:30am Sing/HK.
The Sep survey showed confidence at +6, close to long term averages, but the conditions index was very strong, +15. This is the index that correlates best with economic activity, so the RBA would be happy with a similar reading in Oct.
The UK data focus is on the labour market, with Sep average weekly earnings seen up 3.1%yr ex-bonuses and the unemployment rate expected to remain low, at 4.0%.
The ZEW survey of German investor sentiment for Nov is due. The current conditions index has cooled but is still consistent with solid growth, but the expectations index has slumped to multi-year lows.
US bond markets reopen after the holiday. On the data front, we see Oct NFIB small business survey, which should remain very upbeat. As usual soon after an FOMC meeting, Fed officials are spreading their message, with Kashkari, Brainard and Harker listed to speak.”
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