Chinas slowdown, foreign bank worries, more Aussie resilience

Wednesday 9th August 2023NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s been a bad session for banks in the US and Italy. NAB’s 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’s 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’s 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.  Hosted on Acast. See acast.com/privacy for more information.