24 Feb 2016
Aussie data in focus next 25hrs - Westpac
Analysts at Westpac noted that the first of Australia’s Q4 GDP partials is released today at 11:30am Syd/8:30am Sing/HK, though the capex numbers will be the highlight this week.
Key Quotes:
"Westpac is expecting construction work done to fall by 2.0% q/q, in line with consensus. In private construction, the -7% in infrastructure work as well as the downturn in commercial building should more than offset a rise in home building activity. Public activity, which accounts for 15% of total work, is expected to rise by 1.5%, led by transport projects.
The Q4 wage price index is due at the same time. Westpac and the market median forecast are both 0.6% q/q. Annual growth is holding at 2.3%, the slowest pace since the beginning of the series in the late 1990s.
Wages are underperforming relative to labour market indicators such as full time employment and hours worked as declining terms of trade squeezes on national income. While neither this or construction work done tend to be market sensitive, a downside surprise in both could see a reaction in AUD."
Key Quotes:
"Westpac is expecting construction work done to fall by 2.0% q/q, in line with consensus. In private construction, the -7% in infrastructure work as well as the downturn in commercial building should more than offset a rise in home building activity. Public activity, which accounts for 15% of total work, is expected to rise by 1.5%, led by transport projects.
The Q4 wage price index is due at the same time. Westpac and the market median forecast are both 0.6% q/q. Annual growth is holding at 2.3%, the slowest pace since the beginning of the series in the late 1990s.
Wages are underperforming relative to labour market indicators such as full time employment and hours worked as declining terms of trade squeezes on national income. While neither this or construction work done tend to be market sensitive, a downside surprise in both could see a reaction in AUD."