RBA takes aim, US manufacturing shoots lower

The markets have reacted firmly to news from the RBA yesterday. As NAB’s Ray Attrill explains, it’s less to do with the cut, which was expected, but more to do with the aim of reaching full employment. There’s quite a way to go and a question as to whether that can be reached by rate cuts alone. There was a sharp fall in US equities as the manufacturing ISM figures showed a big contraction, reaching the lowest levels since the global financial crisis. Whilst in the UK Prime Minister Boris Johnson readies himself for a speech tomorrow, where he will outline the government’s plans for a Brexit deal. Two plans leaked today have already been blown out the water.

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