The Week Ahead

By Savanth Sebastian

Also on Tuesday the current account data for the June quarter is issued with plenty of interest in the extent to which net exports (exports less imports) boosted economic growth in the quarter.

In addition the ABS releases data on building approvals and government finance.  We tip a 7 per cent rise in July approvals after the 5 per cent fall in June.

The July data on construction spending is released the same day, with a 0. 8 per cent lift expected.

On Wednesday the ABS issues June quarter gross domestic product or economic growth data.

Over the past week, parts of the economic growth jigsaw puzzle were released and on Wednesday, the official economic growth figures for the June quarter are issued.

On Wednesday automobile sales are released together with factory orders and the usual weekly data on housing finance activity.

On Thursday, international trade, tourist arrivals and retail trade data are released.

On current indications the economy recorded modest growth of around 0. 3 per cent in the quarter, with annual economic growth easing from 3. 5 per cent to around 2. 9 per cent, just below longer-term averages.

The Performance of Services gauge and new car sales data are also released on Wednesday.

So the good results aren’t influenced by heavyweight stocks. In fact 67. 5 per cent of all companies recorded higher profits over the year while 92 per cent (all but 10 companies) recorded a profit for the past financial year.

On Thursday the focus is on the labour market with ADP employment index, productivity figures, weekly jobless claims, Challenger job layoffs and unit labour costs measures released.

The start of a new month ushers in a barrage of economic data, with a Reserve Bank board meeting thrown in for good measure.

We expect the Reserve Bank to stay on the interest rate sidelines with board members continuing their efforts to gauge how the economy tracks over coming months.

In Australia, the week kicks off on Monday when the Australian Bureau of Statistics releases a publication entitled Business Indicators, containing figures on sales, profits, inventories and wages.

In China, the official manufacturing gauge is released on Monday alongside the alternate HSBC measure while the services gauge is expected on Wednesday.

Meanwhile in China, key manufacturing data is released on Monday, with services sector data on Wednesday.

Read more here: Business Spectator


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