Key event risks coming up - Westpac
|Analysts at Westpac offered their outlook for the forthcoming event risks in Asia, the Euro area and USA.
Key Quotes:
Australia: Jul dwelling approvals are expected by the market to fall 5.0% after +10.9% in Jun and -5.4% in May. Westpac sees a 4.0% fall as last month’s 14% high rise jump reverses but this is partly offset as the firming in other sectors proves to be more enduring. Q2 construction work is anticipated by Westpac and the market to rise 1.0% as a return to more normal weather conditions sees gains in public infrastructure, residential and commercial building offsetting a decline in private infrastructure.
Euro Area: Aug ECB survey release day includes economic confidence and the business climate indicator which are both expected to remain at strong levels, while final consumer confidence is likely to confirm a continued elevated advance reading.
Germany: Aug CPI is released ahead of tomorrow’s Euro Area print. Consensus is for a rise to 1.8%yr from 1.7%yr.
US: Aug ADP employment is out before Friday’s payrolls. Q2 GDP second estimate is expected to be revised higher to 2.7% annualised from a 2.6% first estimate which showed a rebound in the consumer and solid equipment investment numbers. Fedspeak includes Powell on “The Role of Boards at Large Financial Firms”.
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