Key events today – Westpac

By FXStreet FXStreet (Guatemala) – Analysts at Westpac Banking Corporation explained the key events for today.

Key Quotes:

“Australia’s busy data week starts with the TD Securities Nov inflation gauge and Q3 data on wages, company profits and inventories, which will help shape forecasts for Wednesday’s Q3 GDP report. The main focus is the official data at 11:30am Syd/8:30am Sing/HK. Ahead of today’s data, Westpac’s forecast for GDP is 0.7% q/q, 2.1% y/y.

We look for another soft reading on company profits, -1%, in contrast to consensus of +1% (Q2 was -1.9%). Inventories should be about flat m/m but with plenty of scope to surprise. The data on wages and salaries will be important for estimates of GDP (income). Also due is Oct private sector credit, which was surprisingly strong in Sep, jumping 0.8% m/m, led by business lending. We look for a more muted 0.5% m/m.

There are various Asian data releases of passing interest but the main focus will be India’s Q3 GDP, with expectations for a strong 7.3% y/y headline, up from 7.0% in Q2. Preliminary Nov German CPI is due but probably won’t impact the ECB’s decision Thu. The US data calendar is second tier: Oct pending home sales and Nov Dallas …read more

Source:: FX Street