Australian data:
National Australia Bank business confidence for August, 8 (back to levels seen in June)
National Australia Bank business conditions for August, 4
- prior was 8
–
- Wholesalers, transport industry, utilities joined mining companies in downgrading their outlook for trading conditions
- Trading and profitability returned to or below June levels
- Survey covered 500 companies during the week to September 2
Comments from the accompanying NAB commentary in client note (bolding mine):
- “A sharp drop in profits and sales drove the unwinding in August
- The jump in business conditions last month was surprising … so some payback in August was expected.
- The conditions index unwound most of July’s narrowly based gains – manufacturing, construction and retail fell most
- At this level, business conditions are still well up on 2013, but are significantly lower than the pre-global financial crisis years and slightly below the long-run average of the series – suggesting the moderate economic growth environment is set to continue“
- Capital spending plans remained subdued
- Capacity utilisation broadly unchanged at relatively low levels
