National Australia Bank July business survey results are due Tuesday at 0130 GMT
- business conditions prior -7
- business confidence prior 1
As always, NAB do not provide a preview, but ANZ have done so:
- Business confidence jumped back into positive territory in June and there was also a solid improvement in business conditions.
- The improvement in the AiG indices suggests business conditions will have improved further in July, notwithstanding the move to Stage 3 restrictions in Melbourne.
- This recovery is effectively moot now, given recent developments
Also due Tuesday is Westpac's monthly consumer sentment, for Auguist:
- due at 0030GMT
- prior -6.1% m/m to 87.9
Says WPAC:
- Consumer sentiment fell 6.1% in July, rocked by the resurgence in Coronavirus cases locally. The drop unwound all of the previous month's gain but still left the index 16% above April's extreme low of 75. The survey was in the field when a return to Stage 3 lock down was announced for Melbourne.
- August looks likely to see a further weakening. Victoria's outbreak has continued, prompting, the state government moving Melbourne to Stage 4 restrictions that are considerably tighter than those seen during the initial lockdown in March-April.
- Other states continue to record relatively low case numbers although NSW is on edge after seeing several significant clusters in recent weeks.
- Sentiment may also be affected by the Federal government's commitment to extend JobKeeper and JobSeeker payments beyond the end of September, albeit with modified programs that see support tapered and tiered.