As the US celebrates the Fed’s reassurance that the worst is over, the Republicans win a couple of seats that confirm that the Congress will now be in gridlock and the stock market follows the square root sign by bouncing around the 10,000 mark, Australian consumer confidence is bouncing back.
The weekly Roy Morgan Consumer Confidence Rating has risen (up 2.5pts to 128.0) last weekend despite the Aussie central banks decision to go the other way by raising interest rates by 0.25% to 3.5%.
Gary Morgan says: “Despite retail sales dropping in September according to ABS figures released this week, subscribers to Myer’s IPO – which listed on Monday and has declined since listing, should take heart from today’s Consumer Confidence result – now 57% (up 4% and the highest since January 2007) of Australians say
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