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25 Feb 2015
Day ahead: Australian Capex eyed - Deutsche Bank
FXStreet (Bali) - The Deutsche Bank Team breaks down the key events ahead, including NZ trade balance followed by Australia's Q4 capex report as the events to keep an eye on in Asia.
Key Quotes
"Looking at the day ahead, first up we will receive external trade and migration data in New Zealand followed by Australia's Q4 capex report. Most interest will centre on the capex outlook, with our team looking for a further modest improvement in capex intentions for 2014-15 (albeit still leaving capex intentions down 7.0% over the corresponding estimate for 2013-14). This survey will also contain the first estimate for 2015-16 capex - our team looks for a 4.3% decline over the corresponding estimate for 2014-15."
"In Europe we will be looking for further improvement in the euro area's money and credit aggregates for January whilst the EC's February confidence survey will likely mimic the improvement seen in similar surveys. Germany will print consumer confidence and labour market reports. Retail sales, consumer and business confidence reports will be released in Italy and further estimates of Q4 GDP growth will be released in the UK and Spain."
"In the US the January CPI and durable goods orders reports will be released, along with weekly jobless claims. As far as the CPI is concerned, a very weak headline reading looms on account of the decline in energy prices through the month. Our US team expects the core CPI to have increased 0.1% mom, leaving the annual rate steady at 1.6% yoy. Core capex orders within the durable goods orders report will be of interest in light of the past four consecutive months of decline. The weekly jobless claims report will be hard to read in light of the President's Day holiday. Canada will print its January CPI. Here we also expect a gasoline-driven decline in headline prices, but the core index is expected to edge higher."
Key Quotes
"Looking at the day ahead, first up we will receive external trade and migration data in New Zealand followed by Australia's Q4 capex report. Most interest will centre on the capex outlook, with our team looking for a further modest improvement in capex intentions for 2014-15 (albeit still leaving capex intentions down 7.0% over the corresponding estimate for 2013-14). This survey will also contain the first estimate for 2015-16 capex - our team looks for a 4.3% decline over the corresponding estimate for 2014-15."
"In Europe we will be looking for further improvement in the euro area's money and credit aggregates for January whilst the EC's February confidence survey will likely mimic the improvement seen in similar surveys. Germany will print consumer confidence and labour market reports. Retail sales, consumer and business confidence reports will be released in Italy and further estimates of Q4 GDP growth will be released in the UK and Spain."
"In the US the January CPI and durable goods orders reports will be released, along with weekly jobless claims. As far as the CPI is concerned, a very weak headline reading looms on account of the decline in energy prices through the month. Our US team expects the core CPI to have increased 0.1% mom, leaving the annual rate steady at 1.6% yoy. Core capex orders within the durable goods orders report will be of interest in light of the past four consecutive months of decline. The weekly jobless claims report will be hard to read in light of the President's Day holiday. Canada will print its January CPI. Here we also expect a gasoline-driven decline in headline prices, but the core index is expected to edge higher."