NAB – The Morning Call · The Aussie Coal Ban and Earnings Caution

The Aussie Coal Ban and Earnings Caution

Wednesday 14th October 2020

The Aussie dollar has taken a hit twice in the last twenty-four hours. NAB’s Rodrigo Catril says the first hit came on reports that China was to stop importing Australian coal, a significant worsening of trade relations. The second hit came as the US dollar rose and equities fell as the last vestiges of hope for a stimulus deal seemed to disappear. There’s also caution around earnings results, with banks so far producing good results but not much optimism looking ahead. The pound has had a worse night though, as Brexit talks continue to produce no results, unemployment numbers were worse than expected, COVID cases have risen further and the opposition leader is calling for another full national lockdown.

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