Economic wrap: key U.S. data was decent - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"US data was generally decent overnight. The third and final update on Q2 US GDP was revised up more than expected to 1.4%, exports and business investment were the main sources of the upward revision, encouragingly business investment now shows 1% annualised growth in the quarter, from an earlier estimate of -0.9%. The advance trade balance for Aug was$58.4bn, well lower than $62.2bn implying upward revisions to Q3 estimates while jobless claims remain very lean at 254k. The only fly in the ointment was a 2.4% fall in US pending home sales for August.

The EC European September business surveys were decent, economic confidence indicator coming in at 104.9, higher than estimates at 103.5. German Sep CPI was stronger than expected at +0.1% in the month.

Economic Event Risks Today

Aug NZ building permits and the Sep ANZ business survey is out today, Australia sees Aug private sector credit. Caixin’s Sep PMI for China is out too. The Fed’s Kaplan speaks, the US Chicago PMI and Michigan consumer sentiment are out this evening."