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Analysts at TD Securities note that Australia’s NAB business conditions rebounded from +3 to +7 and business confidence rose slightly from +3 to +4.

Key Quotes

“The improvement in business conditions was concentrated in forward orders and trading conditions so this bodes well for a better report in February.”

“Separately, home loans MoM fell to -6.1% while owner-occupied loan value MoM crashed to -5.7%.”