Some hope, jobs confusion and Aussie CPI
PMIs yesterday reaffirmed the dichotomy between US and European growth. NAB’s Taylor Nugent talks through the numbers, Michelle Bullock's speech yesterday, plus what to expect from Aussie CPI numbers today – and the RBA’s response.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 25th October 2023
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Markets are displaying a degree of hope this morning, presumably because there has been no ground movement by Israelis into Gaza, but press reports seems somewhat less optimistic. Meanwhile, NAB’s Taylor Nugent says the latest PMIs show the continuing divide between the US and Europe, with the EZ Services and Manufacturing numbers both pulled lower. The UK employment numbers have become somewhat unreliable, meaning the BoE has less certainty in one of the key indicators it tracks. For the RBA the most important number is released today – CPI for Q3. NAB believes the number will be high enough to see interest rates lifted in a couple of weeks. Plus, earnings results for Alphabet and Microsoft.
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