Services crunched
A 'disturbing' crash in services activity reports AiG, as the services gauge collapses to a very much contractionary 44.3.
Awful release, to be blunt, reported in more detail by the Scutt missile at Business Insider Australia here.
Source: Business Insider Australia
Retail trade figures are due out at 1130 AEDT, and then the Reserve Bank meets for its Monetary Policy Decision over at Martin Place this afternoon.
Presumably this warrants a slight change of rhetoric, given that inflation appears to be decelerating to well below the target range too.
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Big surge at the open for all major banks, as noted yesterday, with the Royal Commission seen by markets to be a real damp squib for the majors.
Westpac is trading up by more than 6.7 per cent at the time of writing on short covering, ANZ is trading up by more than 5 per cent, and CBA by more than 4 per cent.
AMP is trading up by 10 per cent!
AMP is trading up by 10 per cent!
Expecting prices to settle a little during trade.
