Tuesday 11th August 2020
Markets haven’t moved much overnight, mainly because there’s not been much in the way of data or geopolitics to offer any direction. The latest JOLTs (job openings) showed that there are 5.9 million jobs available, more than expected, but it didn’t give markets any kick. Meanwhile, there’s hope that a deal will be struck for stimulus in the US economy and that will negate President Trump’s executive order. NAB’s David de Garis suggests the President ultimately needs a deal to access the funds to provide the level of fiscal support beyond a few months. Oil prices have risen on the expectation that extra money will be available to boost consumption. China and the US have engaged in tit for tat measures, imposing sanctions on officials – the question is, will it interfere in a review of the phase one trade deal later in the week? Today the NAB Business Survey and weekly payrolls numbers will give an indication of how Australia is faring, in particular the relative strengths of each state.