Chinas slowdown, foreign bank worries, more Aussie resilience
Three things have hit markets confidence today says NAB’s Talor Nugent. Banks are two of them, the third is China. And why the RBA won’t like the latest NAB Business Survey.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 9th August 2023
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It’s been a bad session for banks in the US and Italy. NAB’s Tayor Nugent says there are three things that have sucked the optimism out of markets in the last 24 hours, two relate to banks. Moody’s has downgraded the credit rating for some mid-sized banks in the US, whilst Italy has introduced a 40% windfall tax on its banks. The third hit to sentiment came form China’s trade numbers, which showed a substantial fall in exports and imports. Locally, the NAB Business Survey showed a resilient economy with rising wages, which could challenge the notion that the RBA can hold for longer.
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