Australian Business Conditions' Jump Supports Rebalancing Act

        0241 GMT [Dow Jones] NAB's Australian business conditions index rises strongly in October, reaching its highest level since 2008. The NAB business conditions index jumps to 13 in October from 1 in September, the largest rise since the monthly series began in 1998. Paul Bloxham, chief economist at HSBC, says the measure is a key proxy for conditions in the non-mining sectors of the economy and suggests growth is rebalancing away from being led by mining investment to being supported by the non-mining sectors. Bloxham says HSBC still sees the RBA's next move as up and expects it to occur around mid-2015. (james.glynn@wsj.com; Twitter @JamesGlynnWSJ)

        (END) Dow Jones Newswires

        November 10, 2014 21:41 ET (02:41 GMT)