Australia consumer sentiment plunges 4.7% to 80.4 in October
Consumer discretionary stocks pared gains to trade 0.6% higher after rising as much as 1.1% by Sydney noon, matching the benchmark ASX 200 index. Citi said sentiment sank to 67.2 after the RBA decision from 86.9 prior, highlighting leveraged households’ vulnerability to rising borrowing costs, compounded by record capital city petrol prices and high diesel costs.
1%, in line with the benchmark ASX 200. 4 in October, down to recession-era levels as cost pressures and higher rates weighed on households. 9 previously, underscoring leveraged households’ exposure to rising borrowing costs. The brokerage also said record capital city petrol prices and high diesel costs added to the decline, increasing transport, logistics and wider goods inflation.
Citi said the labour market remained supportive, with job vacancies at a two-year high of 122 and business sentiment pointing to stronger employment signals. 3% rise.