Daytraders Rock Morning 8 Sept

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    Morning traders,

    We are in a confidence hiatus, so don't panic.

    9:33am: Consumer confidence plunged last week after weak economic growth and retail data sparked worries Australia could be facing a sharp economic slowdown and even its first recession in a generation.
    The weekly ANZ-Roy Morgan consumer confidence index dropped 5.8 per cent to its lowest levels since July 2014, when sentiment was still affected by the measures of Coalition government's first budget.
    The slide comes after three weeks of market volatility during which confidence remained surprisingly stable, holding up above its long-run average.
    But last week's weaker than expected data on second-quarter gross domestic product growth, which slowed to a snail's pace of just 0.2 per cent, and a disappointing 0.1 per cent decline in July retail sales dented confidence.
    "In particular, weak June quarter GDP and an unexpected fall in July retail spending seem to have rattled consumers," ANZ co-head of Australian economics Felicity Emmett said.
    "The magnitude of the fall in confidence is concerning, being the largest weekly fall we've seen since around middle of 2012. This highlights consumers' fragility in the current economic environment," she said.

    9:28am: In its latest efforts to stabilise the sharemarket, China said on Monday it would remove personal income tax on dividends for shareholders who hold stocks for more than a year, in a move aimed at encouraging longer-term investment in equities as opposed to short-term speculation.
    The government also said it would halve the tax on dividends for those holding shares between a month and a year and that the changes would come into effect on Tuesday.
    The measures are the latest in a volley of policy moves Beijing hopes will halt a slide in Chinese equities that has rattled global investors and raised fresh doubts about the strength of the world's second-biggest economy.
    Hours earlier, the Shanghai and Shenzhen Stock Exchanges and the China Financial Futures Exchange proposed introducing a "circuit breaker" on one of the country's benchmark stock indexes to stabilise the market, the Shanghai exchange said in a statement on its website.

    Tougher times for traders as volumes may dry up, take care with your trades and

    Do your best!
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