Wednesday 2nd December 2020
There’s a positive vibe about this morning, pushing equities higher and Treasury yields have seen a sharp rise too. NAB’s Tapas Strickland says it’s down to a number of factors – stronger than expected Caixin PMI numbers from China, fast-tracking of vaccines, news that US stimulus talks are back on the table and reports that UK-EU trade negotiations have entered the tunnel. The only downside today has been a delay in reaching an agreement by OPEC – they’ll try again on Thursday. Today we see the numbers for Australia’s Q3 GDP, which is expected to bounce back sharply. The RBA didn’t have much to say yesterday, avoiding any signals around whether it will extend, stop or reduce its QE program.