NAB – The Morning Call · Earnings up, Aussie confidence on a roll, oil shoots higher
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Earnings up, Aussie confidence on a roll, oil shoots higher

Thursday 15th April 2021

Equities came back off the highs we saw on Tuesday/Wednesday, but their decline didn’t reflect the sentiment in the market. In fact, a four percent rise in oil has been a better indicator, along with the strength of the Aussie dollar. NAB’s David de Garis says we have seen a rotation out of the tech stocks, but the banks have generally been doing well, helped by better-than-expected earnings results. Our local currency has been bolstered by yesterday’s consumer confidence read, with high hopes for today’s employment data for Australia. Today there will be a lot of attention paid to US retail sales – will they add to the positive vibes?

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