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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 fell 0.04% m/m in July after rising 0.01% in June, which left the 6-month annualised rate slightly positive at 0.06% up from -0.3% in January and -0.7% a year ago. The series signals that while growth should improve, it is likely to remain weak going into 2025. Also, the move lower in commodity prices is likely to be a headwind going forward.
- Westpac expects H2 2024 annualised growth of 2.2% up from 0.8% in H1.
- The 6-month rate was boosted by hours worked and US IP but commodity prices and consumer confidence detracted in July.
- Economic issues in China are driving commodity prices lower, which is likely to impact Australia over coming months. LME metal prices are down 3.4% m/m in August to date and iron ore is down 7.5% m/m.
Australia Westpac leading index 6-mth annualised change %
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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