WEEKLY ECONOMIC COMMENTARY Week beginning 5 th December 2016
|
|
- Joy Banks
- 5 years ago
- Views:
Transcription
1 WEEKLY ECONOMIC COMMENTARY Week beginning 5 th December 2016 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous Building Approvals October +3.0% -8.7% Private Sector Credit October +0.5% +0.4% Private New Capital Expenditure (capex) Sept Quarter -4.0% -5.4% Retail Sales October +0.5% +0.6% Residential building approvals fell by 12.6% in October, building on the 9.3% fall recorded in September and are now down 24.9% for the year. After a long period of strength, housing approvals have fallen this month, down 3.4% (-5.7% annually) while the more volatile other (or apartment) category fell a sharp 24.8% (-42.6% annually). Private sector credit was up 0.5% in October to bring annual credit growth to +5.3%. This month s increase was driven by a 0.6% increase in housing credit (now up 6.4% annually) and business credit which increased 0.5% (to be up 4.4% annually). Personal credit was flat in October and is down 1.1% over the year. Total private new capital expenditure (capex) fell 4.0% in the September quarter and is now 16% lower than a year ago. After three straight quarterly rises, non-mining investment fell 2.3% this quarter to be up 4.8% annually, while mining investment fell 7.2% in the quarter to be 35.1% lower over the year. The component of the capex data that plugs into the upcoming GDP data machinery and equipment investment, fell 1.9% which was a weaker outcome than expected. Looking at the 12 detailed industries (in current price terms), only one industry (I.T.) reported an increase in capex in the quarter. Updated investment plans continue to point to a flat non-mining investment outlook and lower mining capex. Capex and mining is still declining Retail sales were up 0.5% in October with annual growth now at 3.5%. Household goods sales were up a solid 0.7% after the sharp 2.6% rise last month, while food sales (the largest component of the retail basket) increased by 0.6% thanks to supermarket and grocery stores. The volatile department store category fell 0.4% while clothing sales also fell 0.4%. In other releases, the NAB online retail sales index increased by 0.5% in October, much slower than the previous month (+1.4%), with year on year growth also slowing to 13.5% from 14.6%. Data over the next week Economic Data Date Period Forecast Previous ANZ Job Ads 05 Dec November n/a +1.0% Company Profits 05 Dec Sept quarter +3.0% +6.9% Current Account Balance 05 Dec Sept quarter -$12.5bn -$15.5bn Economic Growth (GDP) 05 Dec Sept quarter +0.2% +0.5% RBA Board Meeting rates decision 06 Dec December 1.50% 1.50% Trade Balance 08 Dec October -$650m -$1.227bn Housing Finance 09 Dec October -1.0% +1.6% Weekly Market Commentary 1
2 ECONOMIC COMMENTARY LAST WEEK Uncertainty over future US policy as well as new concerns in Europe (the upcoming Italian referendum on constitutional reforms) has seen investors turn a little cautious last week. Some positive US data, a spike in the oil price (more detail below) and expectations of higher US inflation pushed bond yields higher late in the week. US ten year bond yields are now trading at their highest level since July OPEC members met last week in Vienna to discuss cutting production, but not all members were in agreement before the meeting. Crude oil was up over 5% on Monday only to fall by almost the same amount a day later as OPEC members haggled ahead of their meeting. The final outcome was a deal to reduce production by 1.2m barrels per day (a reduction to global supply of around 2%) and there appears to be an expectation that non-opec members will cut product by a further 0.6m barrels. This was the first reduction in eight years, and resulted in the oil price rising by $4 or more than 9%. Local data added to the bearish sentiment with a higher than expected fall in building approvals and a September quarter capex report showing a little more slowdown in the mining sector, but only a modest rise (at most) in non-mining investment. This adds more reason for the RBA to remain comfortably on hold for the moment which saw local yields move higher last week. By the close of trading on Friday, the 90-day bank bill was trading at 1.77% from 1.76% a week earlier. In the long term maturities, 3 and 10 year bond yields closed the week higher at 1.97% and 2.87% respectively, from 1.92% and 2.76% a week earlier. CURRENCY The Australian dollar started the week with a rally benefitting from fluctuating commodity prices, especially oil. Despite the rise in oil, the Aussie seemed to find resistance around USD0.75 on several occasions last week, not helped by a stronger US dollar. Despite the stronger US dollar, our currency is also finding support from stronger oil, iron ore and coal prices. By the close on Friday, the Australian dollar was trading at USD compared to USD a week earlier. EQUITIES Better than expected US economic data (GDP) pushed stocks higher early last week, but the US share market appears to be questioning the recent surge in prices since the Presidential election and have halted their rally. By Wednesday, share markets were closing in the red as falling commodity prices (apart from oil) weighed on the resource sector which also saw some profit taking after the recent strong rally. The spike in oil on Thursday was enough to see our share market post a solid gain with energy and resource stock the out-performers, but Friday saw a negative close to the week as the oil price retreated taking related stock lower. By the close on Friday the S&P/ASX200 Index was trading at 5,444.0 compared to 5,507.8 a week earlier. THIS WEEK There is plenty of data and events for financial markets over the coming week. Recent partial data suggest that this week s September quarter GDP numbers will slow substantially. However, this looks to be already factored in and, as such, is likely to have a limited impact on markets. Analysts will have a close eye on the wage measure within the GDP data, as weakness in wage growth remains a key risk to the RBA s inflation outlook. It is widely expected that the RBA meeting will have no trouble in coming to a no change policy decision this week, with little change to the accompanying statement and hopes that the US raises interest rates next week. INTEREST RATE VIEW While there is only a 2% probability of the RBA cutting rates this week, the expectation that US rates are going up next week, for the first time since late 2014, is now fully priced in (i.e. the probability is 100%). Our futures market continues to price in a slight increase in the official cash rate over the next 12 months Economic Data 12 months ago 6 months ago 3 months ago 1 month ago Now Official Cash Rate day Bank Bill day Bank Bill year swap year swap year swap year swap AUD/USD S&P/ASX200 Index 5, , , , ,444.0
3 CHART OF THE WEEK The world s most liveable cities Coming up with a list of the world s best cities is a near-impossible task. The bustle and hum of megacities like São Paulo or Tokyo might be too much for some people; others might struggle with the pace of life in Cleveland or Frankfurt. A ranking released on August 18th by our corporate cousin, the Economist Intelligence Unit, attempts instead to quantify the world s most liveable cities - that is, which locations around the world provide the best or the worst living conditions. The index, measured out of 100, considers 30 factors related to safety, health care, educational resources, infrastructure and the environment to calculate scores for 140 cities. Those that score best tend to be mid-sized cities in wealthier countries. Melbourne tops the list for the sixth year in a row (see chart, right), and six of the top ten cities are in Australia or Canada. But Sydney, Australia s largest city, drops out of the top ten due to fears over terrorism. Damascus is the lowest-ranked city with a rating of just 30.2 out of 100, scoring poorly in all categories (understandably, due to Syria s ruinous civil war). Kiev, the only European city in the bottom ten, performs better for health care and education but has a low stability score due to Ukraine s ongoing conflict with Russia. Increased instability over the past year has caused a drop in the score of nearly a fifth of the 140 cities surveyed (see chart, below). Ten of these cities are in Western Europe, notably Paris, which has suffered multiple terrorist attacks. Some American cities, including Atlanta, San Francisco and Chicago have also dropped down the rankings after spikes in civil unrest.
4 CHART OF THE WEEK Source: The Economist 18 th August 2016, by the Data team.
5 About Rural Bank and Rural Finance Rural Bank has been a wholly-owned subsidiary of Bendigo and Adelaide Bank Limited since 2010 and is the only Australian-owned and operated dedicated agribusiness bank in the country. From 1 July 2014, Victorian agribusiness lender, Rural Finance joined Rural Bank as a division of Bendigo and Adelaide Bank Limited. As a specialist rural lender, Rural Finance has been fostering the sustainable economic growth of rural and regional Victoria for more than 65 years. Together, Rural Bank and Rural Finance are supporting farmers and farming communities by providing them with specialist financial tools, industry insights and investment into the future of the Australian agribusiness sector. Rural Bank s specialist farm finance tools are available nationally via a network of banking partners, including Bendigo Bank and Community Bank branches and Elders Rural Services. Additionally, Rural Finance has a network of offices across regional Victoria. Postal Address: PO Box 3660, Rundle Mall, SA 5000 Telephone: Facsimile: service@ruralbank.com.au Postal address: 57 View Street Bendigo VIC 3550 Telephone: Facsimile: (03) admin@ruralfinance.com.au Disclaimer: This report has been prepared by Rural Bank Treasury and is based on information obtained from public sources that are believed to be reliable. Whilst all care has been taken in compiling the information in this report, Rural Bank and Rural Finance make no representation as to the accuracy, completeness or timeliness of such information. Opinions, estimates and projections in this report constitute the current judgement of the author as of the date of this report. They do not necessarily reflect the opinions of Rural Bank and Rural Finance and are subject to change without notice. Rural Bank and Rural Finance have no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only and does not take into account personal circumstances, objectives, financial situation or needs. The information contained within this report should not be relied upon without consulting independent, professional advice carefully to consider the appropriateness of the advice to your personal circumstances. Rural Bank and Rural Finance disclaim all liability in relation to any loss or damage suffered by the use of or reliance upon any information contained herein or in any attachment or annexure hereto by any person. Copyright Rural Bank Ltd ABN AFSL/Australian Credit Licence and Rural Finance a Division of Bendigo and Adelaide Bank Ltd ABN AFSL/Australian Credit Licence
WEEKLY ECONOMIC COMMENTARY Week beginning 9th May 2016
WEEKLY ECONOMIC COMMENTARY Week beginning 9th May 2016 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous NAB Business Conditions April +9 +12 NAB Business Confidence April
More informationWEEKLY ECONOMIC COMMENTARY Week beginning 11th May 2019
WEEKLY ECONOMIC COMMENTARY Week beginning 11th May 2019 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous ANZ Job Ads February -0.9% -1.7% Business Indicators Company Profits
More informationWEEKLY ECONOMIC COMMENTARY Week beginning 22 nd June 2015 ECONOMIC DATA ROUNDUP
WEEKLY ECONOMIC COMMENTARY Week beginning 22 nd June 2015 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous New Motor Vehicle Sales May -1.3% -1.5 Westpac/MI Leading Index
More informationWEEKLY ECONOMIC COMMENTARY Week beginning 2 nd October 2017
WEEKLY ECONOMIC COMMENTARY Week beginning 2 nd October 2017 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous ABS Job Vacancies Index August quarter +3.9% +1.5% Private
More informationWEEKLY ECONOMIC COMMENTARY Week beginning 18th February 2019
WEEKLY ECONOMIC COMMENTARY Week beginning 18th February 2019 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous NAB Business Confidence January +4 +3 NAB Business Conditions
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy December 7 Released on December 7 Outlook for Australia Economic Activity Actual
More informationState of the States October 2016 State & territory economic performance report. Executive Summary
State of the States October 2016 State & territory economic performance report. Executive Summary NSW, VICTORIA AND ACT LEAD How are Australia s states and territories performing? Each quarter CommSec
More informationMarket Watch. Latest monthly commentary from the Investment Markets Research team at BT. March Review Developments in Financial Markets
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. March Review 2018 INSIDE THIS ISSUE Stock markets were blindsided on the first day of March, when US President Donald
More informationWEEKLY ECONOMIC COMMENTARY Week beginning 9th October 2017
WEEKLY ECONOMIC COMMENTARY Week beginning 9th October 2017 ECONOMIC DATA ROUNDUP DATA RELEASED LAST WEEK Economic Data Period Actual Previous ANZ Job Ads Sept 0.0% +2.0% Building Approvals August +0.4%
More informationFuture Business Index Update. March 2014
Future Business Index Update March 2014 02 Contents A focus on the future 03 Economic perspective 04 Optimism remains strong 05 States and industries 06 Amid patchy growth, conditions are set to stay unchanged
More informationVictorian Economic Outlook
Thursday, November 1 Victorian Economic Outlook Summary The Victorian economy has been through difficult conditions over the past few years. GSP grew by.% in 11-1, easing from growth of.7% in 1-11, and
More informationMarch June Summary. A sharp improvement in nominal growth. Components of GDP. 4Q16 GDP Growth
GDP Australian 4Q16: GDP: A return XXX to growth June 2015 March 2017 Summary The economy returned decisively to growth in the final quarter of 2016, recording 1.1% growth q-q. This was boosted by household
More informationOUTLOOK WESTERN AUSTRALIA S TURNING POINT ABOUT OUTLOOK
OUTLOOK February 2018 I Chamber of Commerce and Industry of Western Australia (Inc) WESTERN AUSTRALIA S TURNING POINT ABOUT OUTLOOK Outlook is CCIWA s biannual analysis of the Western Australian economy.
More informationVICTORIAN BUILDING & CONSTRUCTION INDUSTRY OUTLOOK
VICTORIAN BUILDING & CONSTRUCTION INDUSTRY OUTLOOK MARCH 2017 QUARTERLY UPDATE 15 JUNE 2017 PREPARED FOR THE MASTER BUILDERS ASSOCIATION OF VICTORIA STAFF RESPONSIBLE FOR THIS REPORT WERE: Director Senior
More informationAUSTRALIAN ECONOMIC UPDATE
AUSTRALIAN ECONOMIC UPDATE GDP Q 1 Another decent outcome NAB Group Economics 5 September 1 Bottom line: GDP recorded another solid outcome in Q (+.9% q/q and +3.% y/y). Growth was again supported by domestic
More informationJune Summary. Business investment weighs on growth. 1Q15 GDP Growth. Components of GDP
Mar 95 Jul 96 Nov 97 Mar 99 Jul 00 Nov 01 Mar 03 Jul 04 Nov 05 Mar 07 Jul 08 Nov 09 GDP Australian 1Q15: GDP: An Export XXX Story June 2015 June 2015 Summary Business investment weighs on growth GDP grew
More informationVICTORIAN ECONOMIC OUTLOOK
VICTORIAN ECONOMIC OUTLOOK Wednesday, May 1 Prior to 11, Victoria had been one of the country s strong State performers. A key factor underpinning Victoria s success story has been firm population growth
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationAUSTRALIAN ECONOMIC UPDATE
AUSTRALIAN ECONOMIC UPDATE Business and government led growth NAB Group Economics December 17 Bottom line: Moderate growth momentum in Q3, mainly led by business and government investment. Households are
More informationTHE TRADERS CLUB WEEKLY REPORT: 17/06/16
THE TRADERS CLUB WEEKLY REPORT: 17/06/16 THE TRADERS CLUB WEEKLY REPORT: 17/06/16 CONTENTS: FX Majors Traded Pairs Summary P.1 FX Majors Currency Strength P.2 FX Major Charts P.3 FX Emerging Markets P.4
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy March 2018 Released on 22 March 2018 Outlook for Australia 1 Economic Activity
More informationState of the States July 2015 State & territory economic performance report. Executive Summary
State of the States July 2015 State & territory economic performance report. Executive Summary NT Housing finance The Northern Territory is pushed back into third spot in the rankings of best performing
More informationState of the States April 2015 State & territory economic performance report. Executive Summary
State of the States April 2015 State & territory economic performance report. Executive Summary NT Unemployment Housing finance The Northern Territory is pushed back into second spot in the rankings of
More information9 March 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. Services and construction stay on track in February
AUSTRALIAN ECONOMIC DEVELOPMENTS 9 March 2018 This week the Reserve Bank of Australia (RBA) left the cash rate on hold at a record low of 1.50%, where it has been since August 2016. The accompanying statement
More information- US Industrial Production -
4 - US Industrial Production - Figure 1. INDUSTRIAL PRODUCTION INDEXES (1992=1) 12 3 Business Week s Production Index* Fed s Industrial Production Index: All Industries 1 12/29 8 2 6 4 1 2 ary durable
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationBendigo and Adelaide Bank Limited (Bendigo Bank)
(Bendigo Bank) Executive summary (Bendigo Bank) is a regional bank that specialises in retail banking with a focus on rural communities. It also owns Rural Bank and Delphi Bank and operates the margin
More informationFebruary market performance. Index. Index. Global economies
March 2016 Global equity markets continued to correct through February but stage an early March recovery Oil prices staged a strong recovery from mid-february up 37% China economic data continued to consolidate
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationDaily FX Focus 24/12/2018
Important Risk Disclosure Daily FX Focus 24/12/218 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationAustralia: Economic and Financial Outlook
Australia: Economic and Financial Outlook Greg Noonan Head of Business Markets Queensland & Agribusiness 5 June 2015 Australian economy and financial markets continue to be impacted by a large number of
More informationOil and gas strategy in the Anchor funds
November 1 st, 2014 INVESTMENT STRATEGY NOTES Nick Majendie, CA Director, Wealth Management ScotiaMcLeod Senior Portfolio Manager, with responsibility for advising the Anchor Oil and gas strategy in the
More informationSensis Business Index September 2016
Sensis Business Index September 20 A survey of confidence and behaviour of Australian small and medium businesses Released 13 October 20 OPEN www.sensis.com.au/sbi Join the conversation: @sensis #SensisBiz
More informationThe Westpac Melbourne Institute Index of Consumer Sentiment rose 0.1% to in
Media release 12 December 2018 Strict Embargo 10:30a.m Consumer Sentiment holds the line The Westpac Melbourne Institute Index of Consumer Sentiment rose 0.1% to 104.4 in December from 104.3 in November.
More informationYear in Review 2018; Year in Preview 2019
Economics January 2 2019 Year in Review 2018; Year in Preview 2019 Key events & developments in 2018 The US-China trade dispute dominated investor attention over 2018. Other issues in focus over the year
More informationMonthly Market Snapshot
ly Market Snapshot DECEMBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Equity markets increased 1.8, rallying
More informationTo receive this report via , please go to:
EARNINGS INSIGHT Key Metrics John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 December 4, 2015 + Earnings Growth: For Q4 2015, the
More informationPrivate Capital Expenditure Downturn Dragging On
Thursday, 1 September 216 Private Capital Expenditure Downturn Dragging On Private capital expenditure fell 4.% in the September quarter, the third consecutive quarter of decline. Annual growth has been
More informationWestpac Melbourne Institute Consumer Sentiment
Westpac Melbourne Institute Consumer Sentiment Unemployment expectations chart pack. October 214 Westpac Melbourne Institute Consumer unemployment expectations The Westpac-Melbourne Institute Unemployment
More informationDaily FX Focus 1/12/2017
Important Risk Disclosure Daily FX Focus 1/12/217 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationDaily FX Focus 9/10/2017
Important Risk Disclosure Daily FX Focus 9/1/217 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationAgenda. Economic update LGsuper s investment approach Making an investment choice Where to from here
Investing your super 2015 The Queensland Local Government Superannuation Board ABN 94 085 088 484 AFS Licence 230511 Local Government Superannuation Scheme ABN 23 053 121 564 Agenda Economic update LGsuper
More informationLIGHT SWEET CRUDE OIL. Short term Update
24 th March 2008 Karvy Comtrade s LIGHT SWEET CRUDE OIL Short term Update Crude prices surpassed the psychological level of $100 and tested a high of $111.80 with funds interest supported by falling dollar
More informationMonthly Bulletin of Economic Trends: Households and Household Saving
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Household Saving November 2018 Released at 11am on 22 November 2018 Housing and households Consumption
More informationLETTER. economic COULD INTEREST RATES HEAD UP IN 2015? JANUARY Canada. United States. Interest rates. Oil price. Canadian dollar.
economic LETTER JANUARY 215 COULD INTEREST RATES HEAD UP IN 215? For six years now, that is, since the financial crisis that shook the world in 28, Canadian interest rates have stayed low. The key interest
More informationOne in two Australians build savings amid concerns for the economy
ING DIRECT FINANCIAL WELLBEING INDEX Q2 2011 One in two Australians build savings amid concerns for the economy Households boost savings by an average of $313 each month. Australian households are tucking
More informationFuture Business Index Update
Future Business Index Update June 2014 02 Contents Investing for growth 3 Economic perspective 4 As confidence dips, the mid-market seeks new opportunities 5 States and industries 6 Seeking new opportunities
More informationCommodity 30-Day Price Chart Commodity Prices Commodity Developments
WEEKLY ECONOMIC REVIEW Commodity 30-Day Price Chart Commodity Prices Commodity Developments 1,345 1,315 1,285 1,255 1,225 Gold Prices $/oz Daily US$/oz WoW % 14-Feb-14 1,320 17-Feb-14 1,328 18-Feb-14 1,321
More informationBeulah Balanced Portfolio
Beulah Balanced Portfolio Quarterly Fact Sheet September 2018 Level 9, 401 Collins Street, Melbourne Vic 3000 T +613 9270 9170 F +613 8080 5983 W beulahcapital.com Beulah Capital Pty Ltd ABN 72 079 169
More informationThe Westpac Melbourne Institute Index of Consumer Sentiment rose 3.6% to in
Media release 11 October 2017 Strict Embargo 10:30am Consumer sentiment lifts The Westpac Melbourne Institute Index of Consumer Sentiment rose 3.6% to 101.4 in October from 97.9 in September. Westpac s
More informationThe Investors Newsletter
I N S I D E T H I S I S S U E 1 Perspectives 2 Summary of Indexes 3 Fundamentals & Indicators 4 Index Chart & Analysis economic reports from the past quarter are not indicating the push into higher prices
More informationThe Big Picture. Long-Term Trends in Global Infrastructure Investment and Commodity Prices. Warren Hogan. Chief Economist.
The Big Picture Long-Term Trends in Global Infrastructure Investment and Commodity Prices Warren Hogan Chief Economist May 212 Outline Global Infrastructure Spending Trends Catching up for the industrialised
More informationSA Economic Outlook. Monday, 22 July State Report SA
Monday, July 1 SA Economic Outlook Summary The South n economy has been through challenging times, with its key manufacturing sector facing a squeeze from the high n dollar. The housing market has been
More informationInflation Outlook and Monetary Easing
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Inflation Outlook and Monetary Easing Although annual consumer price inflation rose for a second consecutive month in July, the underlying trend
More informationJanuary market performance. Equity Markets Price Indices Index
Global Central Banks continue to lower interest rates. The RBA cuts the cash rate by 25bp to 2.25% (February 2015). The ECB finally announces Quantitative Easing 60b per month. Oil prices declined again
More informationDAILY UPDATE 29/09/2014
Key Economic Data Results 29/09:- DAILY UPDATE 29/09/2014 Event Survey Actual Prior Revised Date Time CPI Saxony MoM -- 0.10% 0.00% -- 09/29/2014 08:00 GE CPI Brandenburg MoM -- 0.00% 0.00% -- 09/29/2014
More informationNAB MONTHLY BUSINESS SURVEY NOVEMBER 2018
EMBARGOED UNTIL: 11:3AM AEDT, 11 DECEMBER 218 NAB MONTHLY BUSINESS SURVEY NOVEMBER 218 DOWNWARD TREND CONTINUES NAB Australian Economics Key Messages from the Survey: Both business conditions and confidence
More informationCraig James, Chief Savanth Sebastian,
Craig James, Chief Economist, @CommSec Savanth Sebastian, Economist, @CommSec This presentation has been prepared without taking account of the objectives, financial situation or needs of any particular
More informationMoody s/real Commercial Property Price Indices, May 2010
MAY 19, 20 STRUCTURED FINANCE SPECIAL REPORT Moody s/real Commercial Property Price Indices, May 20 Table of Contents: OVERVIEW 1 NATIONAL ALL PROPERTY TYPE AGGREGATE INDEX 4 OUT-OF-BOUNDS PHENOMENON 6
More informationIPO Watch Australia. Mid-Year Report. A Snapshot of Australian IPO Activity for the first half of 2018 JULY hlb.com.au
Mid-Year Report IPO Watch Australia JULY 2018 A Snapshot of Australian IPO Activity for the first half of 2018 hlb.com.au Great people, great results Contents Overview...1 Sector Analysis...2 IPO Subscription
More informationBOJ December 2015 Tankan Survey
Japan's Economy 15 December 15 (No. of pages: 6) Japanese report: 14 Dec 15 BOJ December 15 Tankan Survey Business sentiment marking time, future uncertain Economic Intelligence Team Satoshi Osanai Shunsuke
More informationNational Accounts - GDP A Game Changer?
Wednesday, March 1 National Accounts - GDP A Game r? GDP growth was stronger than expected, rising by.% in the December quarter. Moreover, September s quarterly growth was revised upwards from.9% to 1.1%.
More informationMonthly Bulletin of Economic Trends: Households and Housing
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Housing November 2017 Released on 24 November 2017 Outlook for Australia 1 Economic Activity Actual
More informationWEEKLY MARKET OUTLOOK
WEEKLY MARKET OUTLOOK DISCLAIMER & DISCLOSURES - An Overview p3 p4 p5 p6 p7 Economics Economics Economics Economics Themes Trading Disclaimer Mixed Outlook Keeps RBA Side-Lined - Arnaud Masset China's
More informationMarket Overview. Australian Shares
Market Overview Australian Shares Australian shares were weakening even before the global late August squall and were always likely to travel badly when market conditions turned bumpy: o For the quarter,
More informationFEDERAL. Budget. What the Federal Budget means for Agribusiness. nab.com.au/fedbudget
FEDERAL Budget 2016 What the Federal Budget means for Agribusiness nab.com.au/fedbudget ABOUT NAB AGRIBUSINESS NAB is Australia s leading agribusiness bank and has been supporting Australian farmers for
More information08-12 Oct.2018 COMMODITY WEEKLY REPORT OCTOBER 2018
COMMODITY REPORT 08-12 Oct.2018 Trade House 426 Alok Nagar, Kanadia Main Road Near Bangali Square Indore-452001 (M.P.) India Mobile :+91-9039261444 E-mail: info@tradenivesh.in COMMODITIES PREVIOUS WEEKS
More informationGDP Growth Outlook Heavily Dependent on Consumer Spending. Which Relies on Net Job Gains Plus Modest Pick Up in Wages Growth
GDP Growth Outlook Heavily Dependent on Consumer Spending Which Relies on Net Job Gains Plus Modest Pick Up in Wages Growth Plus Some Recourse to Increased Borrowings. 2 Introduction The only function
More informationAustralia Real GDP Likely to Increase +3.0% in 2018:4Q and +3.25% in 2019:4Q
Economics Weekly International Highlights Wednesday, March 7, 2018 Dick Rippe 212-446-5636 Dick.Rippe@evercoreisi.com Sean Zhang 212-446-9438 sean.zhang@evercoreisi.com Ed Hyman 212-446-5617 ed.hyman@evercoreisi.com
More informationFor personal use only
11 April 2016 CBG Capital Limited Net Tangible Assets (NTA) per share report and performance update for March 2016 Please find below CBG Capital Limited s monthly NTA per share report as at 31 March 2016,
More informationVIEW FROM NAB ECONOMICS VIEW FROM PROPERTY EXPERTS. NAB Behavioural & Industry Economics NAB HEDONIC HOUSE PRICE FORECASTS (%)*
NAB RESIDENTIAL PROPERTY SURVEY Q4-18 CURRENT MARKET SENTIMENT AND CONFIDENCE AMONG PROPERTY PROFESSIONALS SINK TO NEW SURVEY LOWS (PULLED DOWN BY NSW & VIC) SUGGESTING HOUSING MARKET DOWNTURN HAS FURTHER
More informationGlobal. Market Review. November David Bassanese, Chief Economist
November 2014 David Bassanese, Chief Economist SUMMARY The major development over the month of November was the sharp drop in commodity prices which caused the A$ to fall and the local equity market to
More informationVictorian Economic Outlook
Wednesday, August 1 Victorian Economic Outlook Summary The Victorian economy has performed well over the past couple of years. The combination of low interest rates and a still-low Australian dollar has
More informationVictorian Economic Outlook
Wednesday, 9 May Victorian Economic Outlook Summary The Victorian economy has been through difficult conditions over the past few years. Victoria s key sectors, manufacturing, education and tourism are
More informationNAB QUARTERLY BUSINESS SURVEY 2018 Q2 FAVOURABLE BUSINESS CONDITIONS PERSIST
EMBARGOED UNTIL: 11:3AM AEST, 19 JULY 218 NAB QUARTERLY BUSINESS SURVEY 218 Q2 FAVOURABLE BUSINESS CONDITIONS PERSIST NAB Australian Economics After strengthening to historically high levels in Q1, business
More informationDaily FX Focus 11/7/2017
Important Risk Disclosure Daily FX Focus 11/7/217 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationThursday, 6 October 2016
Thursday, 6 October 216 Executive Summary The Australian and Global Economic Outlook The Australian economy has not seen a recession in 25 years due to a mix of good fortune and good policy. We expect
More informationMonthly Bulletin of Economic Trends: Economic Activity in the Major States
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Economic Activity in the Major States October 2018 Released at 11AM on 25 October 2018 Economic Activity in the
More informationSA Economic Outlook. Tuesday, 23 December State Report SA
Tuesday, 2 December 2014 SA Economic Outlook Summary The South Australian economy has been through challenging times in recent years. Unfortunately, good news has remained scarce and economic growth has
More informationWestpac Melbourne Institute Consumer Expectations
Westpac Melbourne Institute Consumer Expectations Unemployment expectations chart pack. November 213 Westpac Melbourne Institute Consumer unemployment expectations The unemployment expectations rose.9%
More informationOctober 2016 Market Update
Market Update (10/2016) Allianz Investment Management LLC October 2016 Market Update Key Points The lack of further easing measures from both the Bank of Japan and the European Central Bank are causing
More informationNAB Market Select Fund (Australian Equities Class)
NAB Market Select Fund (Australian Equities Class) Fund Information Investment Manager Currency Issue Date Maturity Date Reference Asset Citigroup First Investment Management Australia Limited AUD 1.0994
More informationPerformance Summary September 2015
Performance Summary September 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this
More informationStoxx Europe 600 at 4-month low. ASX SPI Futures down 29 points
Stoxx Europe 600 at 4-month low ASX SPI Futures down 29 points Powered by wise-owl.com YESTERDAY IN THE INTERNATIONAL MARKETS Global Ticker Daily Change U.S. Stocks Slide over 3% ahead of Presidential
More informationNorthern Ireland Quarterly Sectoral Forecasts
2017 Quarter 1 Northern Ireland Quarterly Sectoral Forecasts Forecast summary The Northern Ireland economy enjoyed a solid performance in 2016 with overall growth of 1.5%, the strongest rate of growth
More informationWelcome to CoreLogic RP Data s update on housing market conditions for February 2016, brought to you on behalf of National Australia Bank
Welcome to CoreLogic RP Data s update on housing market conditions for February 2016, brought to you on behalf of National Australia Bank Welcome to the first CoreLogic RP Data housing market update for
More informationNew South Wales Economic Outlook
Wednesday, 3 November 1 New South Wales Economic Outlook Summary The NSW economy has become one of the star-performing States within Australia. While it didn t enjoy as much upside from the mining investment
More informationAUSTRALIAN INDUSTRY DATA SUMMARY
ECONOMICS & MARKETS RESEARCH Australian industry data summary December 9 / of AUSTRALIAN INDUSTRY DATA SUMMARY DECEMBER 9 DATA FOR THE SEPTEMBER QUARTER 9 Australia s economy grew by.% in Q 9 (.% p.a.),
More informationPULSE. Issue th Dec 2018
xdirect MARKET PULSE \ M O R N I N G - R E P O R T 07.12.2018 e USD/CHF CMP 0.99239 USD/CHF Resistance: trading at 1.3005 0.99239, - 1.3055 0.31% up since Thursday. The Swiss Franc The euro seemed pushed
More informationEditor: Felix Ewert. The Week Ahead Key Events Oct, 2017
Editor: Felix Ewert The Week Ahead Key Events 16 22 Oct, 2017 Tuesday 17, 11.00 ZEW Survey (Oct), Germany and EMU Germany SEB Cons. Previous Current Situation 89.5 88.5 87.9 Growth expectations 20.0 20.0
More informationDEMYSTIFYING THE MARKET STORM: A FACTOR PERSPECTIVE
DEMYSTIFYING THE MARKET STORM: A FACTOR PERSPECTIVE Many market observers could see signs of a coming storm long before stock prices started to slide. Among these indicators were outflows from the large
More informationUlster Bank Northern Ireland PMI
Embargoed until 0101 UK (0001 UTC) 10 September 2018 Ulster Bank Northern Ireland PMI New orders rise at weakest pace in four months Key Findings Weaker growth of output and new orders Further increase
More informationKey statistics for Sensis Business Index (September 2018) SM B confidence: National average +42 7
Key statistics for Sensis Business Index (September 2018) The Sensis Business Index is a quarterly survey of 1,000 small and medium businesses, which commenced in 1993. Note: This survey was conducted
More informationNAB MONTHLY BUSINESS SURVEY JUNE 2018
EMBARGOED UNTIL: 11:3AM AEST, 1 JULY 218 NAB MONTHLY BUSINESS SURVEY JUNE 218 CONFIDENCE AND CONDITIONS HOLD STEADY NAB Australian Economics There was little change in headline business conditions and
More information9 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS
9 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS This week the Reserve Bank of Australia (RBA) left the cash rate at a record low of 1.50%. The RBA expects inflation and wages to accelerate gradually from
More informationLETTER. economic. China: Towards a floating exchange rate regime? MAY bdc.ca
economic LETTER MAY 212 China: Towards a floating exchange rate regime? For many years now, the West has been reproaching China for keeping the yuan below its balanced value, that is, the value that would
More informationRecent Developments in the Canadian Economy: Spring 2014
Catalogue no. 11 626 X No. 034 ISSN 1927-503X ISBN 978-1-100-23440-3 Analytical Paper Economic Insights Recent Developments in the Canadian Economy: Spring 2014 by Cyndi Bloskie and Guy Gellatly Analytical
More informationMLC Wholesale funds. 1. Distributions for FY2017. Annual distribution commentary, 2017 financial year
On Friday, 30 June 2017 the (Funds) made their last distribution for the 2017 financial year (FY2017), including those Funds that are offered through: MLC MasterKey Investment Service Fundamentals MLC
More information2017 Annual Conference. Thursday, 8 June 2017
217 Annual Conference Thursday, 8 June 217 The global markets impact on Australia Thursday, 8 June 217 QIC SLIDES FOR FRONTIER Katrina King 8 th June, 217 GLOBAL INTERACTIONS ARE IMPORTANT The pace of
More informationISSUE ONE PROPERTY SECTOR INSIGHTS
ISSUE ONE PROPERTY SECTOR INSIGHTS Developed by our in-house property research specialists, drawing on the expertise of a network of government agencies and commercial real estate agents. Insights across
More information