Australia Oct business sentiment highest in nearly two years, NAB survey shows [Yahoo! Finance]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Yahoo! Finance
The survey from National Australia Bank (NAB) showed its index of business conditions held at +7 in October. The more volatile confidence index climbed 7 points to +5, the highest reading since early 2023. Sales showed a 1 point rise to a strong +13 in the month, while profitability was steady at +5 and employment intentions dipped 2 points to +3. "Confidence spiked in the month after an extended period of below average reads," said Gareth Spence, NAB's head of Australian economics. "While it's just one month this is an encouraging sign alongside a tentative improvement in forward orders." The improvement came as a separate survey of consumer confidence from Westpac showed a second month of strong gains in November, partly on hopes for lower borrowing costs. The Reserve Bank of Australia has held interest rates steady at 4.35% for a full year and financial markets are confident the next move will be down, albeit not for a few months yet. Measures of cost pressures in the NA
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