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Analysts at TD Securities note that Australia’s  NAB business conditions edged 2 pts lower lower in July to +2, remaining below the long-run average (+6pts), while business confidence rose 2pts to +4.

Key Quotes

“Looking at the sub components, trading conditions eased 1 pt, employment eased 5 pts and capacity utilisation reversed the June rise. By sector, conditions were weak in consumer discretionary sectors with manufacturing and transport also weak. Overall a soft tone to July’s report.”