Summary: Business conditions deteriorate in December; business pessimism lessens but well below average; decline in conditions led by manufacturing, construction; ACGB yields fall; rate-cut expectations harden; consumers cutting back on spending, although confidence in retail sector “encouraging”; capacity utilisation rate declines, still at elevated level. NAB’s business survey indicated Australian business conditions were robust in the first half of 2018, with a cyclical-peak reached in April of that year. Readings...