The iron ore miners are off to the races again today despite Chinese markets reversing course. Dalian and rebar futures have both fallen at the open, down 1% and 0.7%, and the news flow is mixed as well. Westpac’s China consumer confidence index is up but the internals softer::
The head-to-head comparison with the business surveys implies that households are feeling less direct benefit from easier policy vis-a-vis the corporate sector. While there was a consistent lift across household perceptions of current, one year and five year ahead business conditions, with the latter indicator improving the most, buying conditions for major household items rose only slightly, and family finances are lagging.
