Data from Australia

Australia Westpac Consumer Confidence Index (July): +3.9% m/m to 106.1 (to its highest since November of 2013)

  • prior +0.3%

A solid improvement indeed on the month.

Sub measures … all improved

Tax cuts were announced in the month, not doing any harm to sentiment it seems. I am hoping to buy an avocado with mine.

Westpac summary comments:

  • The consumer mood showed a clear improvement in July. The latest reading is the most positive result since November 2013 with the Index 8% above the average in 2014 to 2017.
  • This is the eighth month in which the Index has been above 100, indicating optimists outnumber pessimists, a clear turnaround on the previous year in which 11 out of 12 readings were below 100.
  • the overall level of sentiment is still not that strong - at 106.1, the July reading compares favourably to recent years but is still below the 108.3 average recorded over the ten years prior to the GFC
  • Much of the improvement over the last year reflects a more balanced growth profile across states with stabilising conditions in the mining sector driving a recovery in Queensland and WA.
  • The survey detail shows the latest lift in sentiment is being driven by growing optimism about the economy

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This is not a market mover. For that we have Mr. Trump (bless him):

  1. US is said to be about to release $200b China tariff list
  2. AUD/JPY is being punished on the latest China tariff chatter
  3. More: Trump's list of an additional $200b in China tariffs could be released in hours
  4. US admin manipulating the markets? Tariff news came at most impactful time
  5. US Government announcement on the next $200bn China tariffs hitting now
  6. US Trade Rep says US will impose 10% tariff on additional $200bn China goods
  7. Nothing from China yet on tariff retaliation, but yuan speaking loud ... CNH down the shaft