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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.
AUSTRALIA DATA
The Westpac leading index fell 0.04% m/m in August after an upwardly revised +0.01%. The 6-month annualised growth rate continues to improve gradually rising to -0.5% from -0.6% in July and the -1.1% trough in May. Westpac says this measure leads detrended growth by 3 to 9 months and it continues to signal subpar growth going into Q1 2024 but a trough may have been reached.
- Westpac expects growth of less than 1% y/y in Q2 2024 and that the RBA has finished tightening monetary policy.
- The levelling out of consumer confidence and associated unemployment expectations have made positive contributions to the leading index, so has the yield spread due to the RBA’s on hold stance, dwelling approvals and US IP. Commodity prices in AUD and hours worked have weighed on the index though.
Australia Westpac lead indicator % vs real 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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