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.
The Westpac leading index for June was flat on the month, in line with May. The 6-month annualized change, which leads detrended growth by 3 to 9 months, improved slightly to -0.13% from -0.28%. Growth looks like it will remain lacklustre into year-end but may improve moderately with Westpac forecasting a pickup from 0.8% annualized in H1 2024 to 2.2% in early 2025. The main drag on the indicator was commodity prices, they have made negative contributions for the last four months. Dwelling approvals were also negative but labour market indicators, hours worked and Westpac unemployment expectations, were positive.
Australia Westpac leading index vs GDP
Source: MNI - Market News/Refinitiv/Bloomberg
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.