NAB survey reveals business confidence soaring; Housing finance up in October: Midday Roundup

Business confidence is “much higher”, despite only  slightly improving conditions, according to results from the National Australia Bank’s  latest monthly business survey.

The survey found businesses are reassessing their post-election expectations to align with “sub-par business outcomes”.

A rate cut is still expected mid-2014, and unemployment is expected to rise to 6.5% by late 2014.

Internationally, NAB expects the global upturn to continue in line with forecasts, where advanced economies see a faster recovery and the Chinese and Indian economies will “fare better”.

Housing finance up in October

The number of home loans approved in October has lifted 1% to 52,305, seasonally adjusted, according to the latest Australian Bureau of Statistics figures.

 The value of total dwellings committed to in October rose 4.1%, seasonally adjusted, to $26.486 billion.

The biggest increase was from the value of fixed loans for investment housing, with the value of these loans lifting 8.2% to $10.3 billion

Shares up on open

Aussies shares have opened higher this morning, following minor gains on Wall Street overnight on the back of positive United States employment figures.

The S&P/ASX200 benchmark was up 33 points to 5177.4 at 12:06pm AEDT. Overnight the Dow Jones closed 5.33 points higher, up 0.03% to 16,025.53.

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