Glass half empty

Monday 17th August 2026

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There’s a little less optimism around according to Friday’s University of Michigan consumer survey. Retail sales were also a disappointment, so the US finished the week with shares down, bond yields higher and oil prices higher. President Trump told the American people they should be prepared to pay more for gasoline in exchange for control over Iran’s nuclear ambitions but, as NAB’s Ray Attrill points out, that doesn’t seem to be helping him in the opinion polls. This week it’ll be interesting to see how the US performs in the latest PMI measures, contrasted with Europe which seems to be showing a little more hope lately.

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