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Markets fizzle on false hope

The markets in the US and Asia were buoyed by news that a deal between the US and China was close. The Wall Street Journal even put on a date on the signing ceremony. But, as Phil Dobbie discusses with NAB’s Tapas Strickland, the markets switched direction as they waited for any official confirmation of progress. They’re still waiting. Meanwhile, GDP partials for Australia suggest a slower growth number tomorrow, and the RBA meets today, as questions remain about the extent of the country’s housing downturn.

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