Australian Consumer Confidence jumped 8% in April according to the Westpac Banking Corp, rising by the most since August of last year. Westpac’s chief economist Bill Evans credited the government with the uptick, saying “the stimulus package is likely to be buoying consumers.” Fiscal measures currently in place call for a total of A$12.2 billion in cash handouts for individuals. Evans seemed skeptical about the rebound’s staying power, however, saying “disturbing signals from all the leading employment indicators” are likely to push sentiment to new lows in the months ahead. The survey was conducted between March 30th and April 5th, suggesting the recent upswing in stock prices also helped to improve sentiment. The MSCI World Stock Index added close to 25% since early March but technical positioning suggests the move is a correction in the context of larger downtrend.
