Daily Flows & Insights – Business Conditions Continues to Ease

Daily Flows

  • Today, ANZ has launched a 3yr and 5yr fixed/floating medium term notes with an initial price guidance of +84 and +102.
  • This issuance margin may tighten slightly, with Westpac’s launch pricing at +82 and +100.
  • Yesterday, ADIs met the large inflows of funds with attractive rates. 5.15% for 9 months was a standout level in the term deposit space.

Business Conditions Continues to Ease

  • NABs business survey for December 2023 continued to show a cooling trend with retail inflation easing.
  • NAB business confidence index in Australia rose to -1 in December 2023 from a revised -8 in the previous month.
  • This marks the third consecutive month of negative readings, but the softest in the sequence, supported by a pickup in the mining and retail sectors.
  • Survey measures for trading conditions, employment and capacity utilisation decline in the month.
  • Input cost pressures eased, with labor and purchase cost growth decreasing, and retail price growth fell sharply. Despite improvements, businesses remain cautious about the economic outlook.
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Curve Team
Jack Pedersen