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Services sector slips and rate cut hopes rise

In the US the non-manufacturing ISM read came in a lot lower than expected. The result has been a rise in US equities. Phil Dobbie asks NAB’s Ray Attrill whether the weaker data reaffirms that the US will see a cut interest rates this month? Will tonight’s non-farm payrolls be the final piece of evidence that the Fed is looking for? Locally all eyes will be on Australian retail sales, with the question as to whether tax cuts will have boosted spending. And the pound is up a little on Brexit hopes, whilst data from Europe shows the downturn continues unabated.

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