ASX lifts, while collapse in business confidence points to 'unprecedented' recession: NAB report
ABCThe Australian share market finished strongly higher, after its first session back from the Easter long weekend, rising alongside markets across the region. Key points: Australian dollar touches its highest value in five weeks and is buying around 64 US cents ASX 200 closes 1.9 per cent higher at 5,488 points, its highest since mid-March Business confidence plunged to a record low, according to NAB survey After modest falls in early trade, the ASX 200 recovered and rallied into the close, to finish 1.9 per cent higher at 5,488 points, its highest level in a month. The currency's "outperformance owes something to the fact Australia's COVID-19 curves have bent downwards more sharply than just about any country outside China," said Ray Attrill, NAB's head of foreign exchange strategy. The survey's measure of business confidence plunged to a record low of -66 points — even lower than the result during the early 1990s recession. "Worryingly, but not surprisingly, business's outlook is the weakest ever," said NAB chief economist Alan Oster.
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