Chinas slowdown, foreign bank worries, more Aussie resilience
Wednesday 9th August 2023
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It\u2019s been a bad session for banks in the US and Italy. NAB\u2019s Tayor Nugent says there are three things that have sucked the optimism out of markets in the last 24 hours, two relate to banks. Moody\u2019s has downgraded the credit rating for some mid-sized banks in the US, whilst Italy has introduced a 40% windfall tax on its banks. The third hit to sentiment came form China\u2019s trade numbers, which showed a substantial fall in exports and imports. Locally, the NAB Business Survey showed a resilient economy with rising wages, which could challenge the notion that the RBA can hold for longer.
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