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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The Westpac leading index for September rose 0.07% after falling -0.04% resulting in the 6-month annualised growth rate improving to -0.3% from -0.5%, the best result since August 2022 when the series turned negative. It continues to indicate that growth will be below trend through the first half of 2024.
- Activity is stabilising but weaker equities and lower hours worked weighed on the index. US IP, widening of bond yields and steadying of building approvals have driven the improvement in the 6-month rate. Westpac also observes that the contribution from commodity prices has stabilised.
- Westpac is forecasting GDP growth of 1.2% y/y in 2023 and 2024 after 3.7% in 2022, compared with population growth of 2.3%.
Westpac lead indicator vs GDP %
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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