Back
News

Global Roundup: Aussie data, Fed speaker

Aussie business sentiment worsens

Business sentiment in Australia fell sharply in November, with National Australia Bank’s business confidence index at its lowest since July last year.

The bank’s business confidence index fell to 1 point from 5 points the previous month, while its business conditions index, which focuses on current conditions, fell to 5 from 13.

Economists at the bank said they expect the country’s central bank to cut rates twice next year, by 25 basis points each in March and August, to boost growth. NAB cut its forecast for growth next year to 2.5% from 2.9% estimated previously.

Click here for the full FT article (£)

Fed’s Lockhart urges patience on rates

Federal Reserve official Dennis Lockhart urged the U.S. central bank to take a cautious approach on raising interest rates, in a speech in Atlanta.

The president of the Federal Reserve Bank of Atlanta noted that economic data was “encouraging”, but that “patience” on the timing of a first rate rise and a “cautious bias” on subsequent moves was a “sensible approach.” He also warned of the dangers of having to reverse course on rates.

The Federal Reserve Open Market Committee meets next week to discuss rates.

Click here for the full FT article (£)

Up next…