The Experts

James
Craig James - CommSec
Economy Expert
+ About Craig James
About Craig James

Craig James is CommSec’s Chief Economist.

On leaving school Craig James joined the (then) Rural Bank, whilst undertaking university studies. He received his Bachelor of Commerce (Economics) at University of NSW in 1984 and then a Master of Commerce (Economics) at the same university in 1988.

He remained at the Rural Bank, which became the State Bank over time and then Colonial, working in branches, Corporate, Planning and Economic Research.

He became chief economist of Colonial Group in September 1987, before becoming chief economist at CommSec in August 2000 with the Commonwealth takeover of Colonial.

In 2002 Craig had a sea-change, joining the Australian Financial Review. He had always wanted to pursue a role in journalism and enjoyed the role as an economic commentator and analysts, finding that he could pursue a journalistic-type role as well as doing more electronic media work at CommSec and rejoined the group in 2003.

On taking the reigns of chief economist at Colonial, Craig endeavoured to style their research in a “user-friendly” way – something that set their research apart and still does today. The approach has been successful in their media work and in promoting Colonial, and then CommSec, to the general public. CommSec is the most quoted economic group in the mainstream media.

CommSec economic reports are a bit different in that they devise tools such as the ‘Mums and Dads’ share index and the iPod index, and undertake research on the weather and demographic changes to show how they affect the economy.

Craig currently does around 2-3 regular TV crosses a day, ad hoc radio and newspaper interviews and writes regular commentaries as well as presenting to staff, clients and external organisations.

Outside work, Craig's main interests are athletics (cross country in winter), weight training, reading widely across a range of newspapers, magazines and electronic media, and trying to keep up with the children.

The week ahead: Inflation and US economic growth

Friday, April 20, 2018

Australia: Inflation in the spotlight

  • In Australia in the coming week, readings on inflation dominate. In the US there is a broad range of indicators to be released including economic growth.
  • The week kicks off on Tuesday when the Bureau of Statistics (ABS) releases the March quarter Consumer Price Index – the main measure of inflation in Australia. The annual rate of inflation has only been in the Reserve Bank’s 2-3 per cent target band for one quarter in the past three years. And we expect that low inflation prevailed in the March quarter.
  • Overall we expect that both headline and “underlying” measures of inflation rose by 0.5 per cent in the March quarter to be up 2 per cent over the year. Seasonal increases in education fees, pharmaceutical products and domestic travel are expected, offset by seasonal falls in international travel. Some product prices may have been affected by post-Christmas sales. And petrol prices may have lifted by less than 1 per cent.
  • Inflation results in line with forecasts will reduce the odds of the Reserve Bank lifting interest rates in 2018.
  • Also on Tuesday the weekly gauge of consumer confidence is issued by ANZ and Roy Morgan. And the Reserve Bank Assistant Governor Christopher Kent delivers a speech at a Housing Industry Association breakfast.
  • After the ANZAC Day observance on Wednesday, investors will focus on export and import prices when they return to work on Thursday.
  • Export prices will be constrained by lower coal and iron ore prices, although offset by higher oil prices. Import prices will be boosted by the higher oil prices. The Aussie dollar also fell only 1.7 per cent over the quarter.
  • On Friday the ABS releases the Producer Price Indexes – measures that will provide a guide on inflation across the business sector. In the December quarter, the ‘final demand’ measure was up 0.6 per cent to stand 1.7 per cent higher over the year. Investors will closely watch building construction prices in light of anecdotes noting high demand for labour and rising wages. The 7.5 per cent lift in oil prices will serve to boost petroleum refining and petroleum fuel manufacturing costs.

Overseas: US economic growth & housing in focus

  • It is relatively quiet in China over the coming week in terms of new economic data. However there will be data on industrial profits on Friday. In the US, housing market indicators and economic growth are of most interest.
  • The week kicks off on Monday in the US with data on existing home sales to be released alongside the Chicago Federal Reserve national activity index. After a 3 per cent rise in February, economists are tipping a 0.2 per cent lift in sales in March. A lack of stock on the market is constraining sales but boosting prices.
  • Also on Monday, the Markit organisation releases “flash” readings for activity in manufacturing and services sectors in the US, Europe and Japan. In terms of the US readings, an easing in manufacturing activity is expected to be balanced by higher service sector activity.
  • On Tuesday, new home sales data is scheduled in the US, together with consumer confidence, home prices and the influential Richmond Federal Reserve survey.
  • Economists believe that new home sales may have lifted 1.9 per cent in March after the 0.6 per cent fall in February to 4-month lows. Sales have fallen for the last three months. The stock of homes stands at 9-year highs, representing a supply of 5.9 months at the current sales rate.
  • Also on Tuesday economists expect that consumer confidence eased again, down from 127.7 in March to 125 in April. Back in February, confidence was at 18-year highs. And home prices may have risen 0.3 per cent in February, trimming the annual rate from 6.4 per cent to 6.2 per cent.
  • Also on Tuesday the regular weekly data on chain store sales in released in the US while on Wednesday, weekly data on new mortgage applications are released.
  • On Thursday a key measure on business investment – orders for ‘durable goods’ – is released. Durable goods are generally described as items with lifespans longer than three years – like cars and aircraft. Orders have risen in three of the past four months. And economists believe that orders may have risen by 1.0 per cent in March.
  • Also on Thursday the ‘advance’ March data on trade in goods is released. A deficit of US$75.4 billion was posted in February and the big deficits are clearly in the sights of the US President currently.
  • And on Friday the ‘advance’ reading on US economic growth in the March quarter is released alongside the March quarter employment cost index (ECI). Economists expect that the US economy grew at a 2.3 per cent annual pace in the quarter after 2.9 per cent annualised growth in the final quarter of 2017. The included data on prices will be watched carefully together with the ECI. The ECI has been averaging growth of around 0.6 per cent a quarter or around 2.5 per cent over the year.

Financial markets

  • US earnings season continues. Amongst companies reporting earnings on Monday are Halliburton, Kimberly-Clark, Alphabet (Google) and Barrick Gold.
  • On Tuesday, 3M, Caterpillar, Coca-Cola, Corning and Texas Instruments are amongst those reporting.
  • On Wednesday, AT&T, Boeing, Comcast, Facebook, Ford, Twitter and Visa report.
  • On Thursday, earnings are due from Amazon, ConocoPhillips, Domino’s Pizza, General Motor, Microsoft and ResMed.
  • On Friday, Exxon Mobil and Chevron report.

 

The week ahead: Can the Aussie labor market continue its record-breaking run?

Friday, April 13, 2018

·         A quiet week is in prospect on the data front in Australia. The Reserve Bank releases the minutes of its April Board meeting. But the main focus will be on whether the Aussie labour market can continue its record-breaking run of monthly job gains. 

·         On Monday the Bureau of Statistics (ABS) releases lending finance data. The total value of new lending commitments (housing, personal, commercial and lease finance) rose by 0.5 per cent in January to $71.5 billion, up from US$71.1 billion in December. Commitments are up by 6.1 per cent on a year ago.

·         On Tuesday the weekly gauge of consumer confidence is issued by ANZ and Roy Morgan.

·         Also on Tuesday the Reserve Bank releases minutes of its April Board meeting. Commentary on wages growth, share market volatility, trade protection and household consumption could be of particular interest to market participants. We don’t expect any significant change in the Bank’s view on the inflation and economic growth outlook for Australia. Interest rates are firmly on hold. 

·         On Wednesday, the ABS releases the “Overseas Arrivals and Departures” publication. The publication includes data on tourist flows as well longer-term migration data. Tourist arrivals rose by 2.4 per cent to a record-high 760,200 during the month of January. Arrivals increased by 5.7 per cent over the year. Departures increased by 2.2 per cent to a monthly record-high 894,100 in January. Departures were up by 2.6 per cent on a year ago.

·         Also on Wednesday the Department of Jobs and Small Business releases its internet vacancy index. The index has now risen for 16 consecutive months – the longest period of growth since March 2011. The index has increased by 10.5 per cent over the year to 5½-year highs in February.

·         On Thursday the ABS issues the March employment report. Jobs rose for a record-breaking 17th straight month in February. The unemployment rate edged-up to 5.6 per cent due to an increase in the participation rate to a near 7-year high of 65.7 per cent. The strengthening job market has encouraged people back into the workforce, to look for a job or to work more hours. The underemployment rate is 8.4 per cent, implying that there is still some slack in the labour market. Economists tip an increase in total jobs of around 25,000 during the month.

·         On Friday the CommBank Business Sales Indicator (BSI), a measure of economy-wide spending, is released for March. The BSI rose by 1.0 per cent in trend terms in February - the strongest pace of growth in four years.

Overseas: Chinese economic health check 

·         In China, indicators such as economic growth, retail sales, investment, production and house prices are all issued.  Output is expected to remain solid, despite seasonal volatility caused by the Lunar New Year holiday period.  

·         The week kicks off on Monday in the US with data on retail sales, the National Association of Home Builders (NAHB) index and the New York State Empire manufacturing survey. 

·         Attention will turn to China on Tuesday. The all-important March quarter economic growth (GDP) will capture the most headlines. The Chinese leadership continues to target ‘sustainable’ and ‘quality’ growth outcomes as it tilts output towards the consumer. Economists forecast an annual growth rate of 6.8 per cent with activity supported by the industrial sector. The technology and financial sectors may have contributed less this quarter. Retail sales annual growth of near 10 per cent is tipped.

·         On Tuesday US housing data is released. Starts and permits were weaker-than-expected in February, yet the underlying increase in single-family starts and the uptick in the number of units under construction provided optimism.

·         Also on Tuesday economists expect that production rose a further 0.4 per cent in March. Capacity utilisation is at the highest level in three years, implying potential increases in input costs. All at a time when higher tariffs are proposed, potentially boosting inflation.

·         On Wednesday, the US Federal Reserve re-takes centre stage. The most recent Beige Book – a national survey – cited that “most [US} districts saw employers raise wages and expand benefit packages in response to tight labour market conditions”. Federal Reserve Vice Chair for Supervision, Randal Quarles, testifies before the US Senate Banking Committee. 

·         Also on Wednesday the National Bureau of Statistics issues China’s 70-city housing price data for March. House price growth decelerated to 5.2 per cent in February, continuing the decline from a peak of 12.6 per cent in November 2016. Policymakers have announced stricter property-buying controls in an effort to cool prices. In tier-1 cities, housing prices fell on an annual basis in January for the first time since May 2015.

·         On Thursday the influential Philadelphia Federal Reserve manufacturing gauge is released for March. In February, 64 per cent of firms reported labour shortages, while 70 per cent of firms highlighted skills mismatches between business requirements and available labour.

·         Also on Thursday the Conference Board's Leading Economic index is issued for March. The index increased by 0.6 per cent in February. The index is tipped to rise by 0.4 per cent in March.

 

The week ahead: Economic indicators and inflation data

Friday, April 06, 2018

Finance and confidence in the spotlight

  • A broad sweep of economic indicators is released in Australia in the coming week together with a speech from the Reserve Bank Governor.
  • On Monday the AiGroup releases the Performance of Construction index, an index that has risen for 13 months.
  • On Tuesday the latest business survey from National Australia Bank is issued. In February the measure of business conditions hit a record (21-year) high. And to prove it wasn’t an aberration, the latest manufacturing survey from AiGroup was reported at record highs in March.
  • Apart from business confidence, measures that focus on prices, wages and employment will attract scrutiny in the NAB survey.
  • Also on Tuesday the weekly gauge of consumer confidence is issued by ANZ and Roy Morgan.
  • On Wednesday, the monthly variant of consumer confidence is released – this time from Westpac and Melbourne Institute. In March, confidence edged just 0.3 per cent higher. But the index of confidence remains above 100, indicating that there are more optimists than pessimists.
  • In terms of economic data, on Wednesday the Australian Bureau of Statistics issues the December quarter data on building activity. As well as estimates of the amount of building work done, there are also figures on housing starts (or commencements) as well as the amount of work in the pipeline. Home starts rose by just 0.7 per cent in the September quarter.
  • The Reserve Bank Governor, Philip Lowe, also delivers a speech on Wednesday. The topic of the speech hasn’t been revealed as yet, but the speech is delivered to the Australia-Israel Chamber of Commerce in Perth.
  •  On Thursday the focus shifts to finance. The ABS releases the February figures on home lending while the Reserve Bank issues statistics on credit and debit card lending and ATM transactions. Home lending has slowed as markets rebalance and the number of new lending commitments for owner-occupiers has fallen in four of the past five months.
  • And on Friday the Reserve Bank releases the bi-annual Financial Stability Review. The Reserve Bank will highlight the low level of problem loans and reduction in the share of interest-only housing loans being taken out. At the same time the Reserve Bank will express caution about the amount of new homes being completed and the potential impact they will have on home prices.

Overseas: Inflation data in focus

  • There are key measures on consumer and producer prices to be released in both China and the US in the coming week together trade price data for the latter.
  • The week kicks off on Tuesday in the US with data on producer prices (business inflation figures) as well as the small business optimism index from the National Federation of Independent Business (NFIB).
  • The core measure of producer prices (excludes food and energy) may have lifted 0.2 per cent in March while the annual rate was likely to have remained unchanged at 2.5 per cent. The NFIB index may have softened in March in response to concern about a US-China trade war.
  • The usual measure of chain store sales will also be issued on Tuesday.
  •  On Wednesday, data on consumer and producer prices will be released in China. And on the same day, consumer price data is released in the US alongside monthly budget data and the minutes of the last Federal Reserve meeting.
  • The annual rate of Chinese producer prices may have lifted from 3.7 per cent to 3.8 per cent in March with consumer inflation down from 2.9 per cent to 2.5 per cent. In the US, the annual core measure of consumer prices may have crept higher from 1.8 per cent to 1.9 per cent.
  • The minutes of the last Federal Reserve meeting will be dissected to find clues on the timing of the next rate hike.
  •  On Thursday, trade prices data (import and export prices) will be released in the US. And the usual weekly data on claims for unemployment insurance will be issued.
  •  On Friday the March trade figures will be released in China. Given the concern in the US about the size of the trade deficit maintained with China, these figures take on greater-than-normal significance.
  • In the US on Friday the JOLTS series of job openings is issued – a forward-looking gauge on the job market. The University of Michigan also issues its preliminary estimates of consumer sentiment for March.

Financial markets

  •  According to FactSet, US analysts have lifted their March quarter earnings estimates for S&P 500 companies by 5.4 per cent. That result is important because earnings estimates generally fall in the first quarter. It is the strongest upgrade in earnings for the first quarter in the 15-year history of the series. Lower tax rates, higher energy prices and expectations for rate hikes in 2018 are some influences pushing up estimates for US earnings per share.

 

 

The week ahead: Aus job market and US inflation

Friday, March 23, 2018

Australia: The job market still dominates attention

  • There are few stand-out indicators slated for release in Australia in the week ahead. Most interest is in Thursday’s data on job vacancies and employment by industry.
  • The week kicks off on Tuesday when the Australian Bureau of Statistics (ABS) releases a raft of publications from the 2016 Census. Around a dozen publications will be issued or re-issued. Data on new home sales is also expected on Tuesday from the Housing Industry of Australia.
  • Also on Tuesday the Reserve Bank Assistant Governor (Financial Markets) Christopher Kent speaks at the Investment Implementation Summit in Sydney.
  • Roy Morgan and ANZ also release the weekly consumer sentiment data on Tuesday. Australian consumers are generally positive but confidence levels are still well short of those held by their US counterparts.
  • On Wednesday, the ABS releases the December quarter publication Engineering Construction Activity. While the ‘top level’ results have already been published, the publication goes into more detail about where the work is being done and how much activity is still to be completed.
  • On Thursday the ABS releases the Finance & Wealth publication. The publication contains a raft of indicators such as household debt and wealth and sectoral holdings of financial assets such as foreign ownership of shares and bonds. In the September quarter foreigners held $533.6 billion of Aussie shares, up from $531.5 billion in the June quarter. Foreigners held 30.3 per cent of the total (long-term average 32.9 per cent).
  • Also on Thursday, the ABS releases the latest data on job vacancies – a key leading indicator of the job market. In the three months to November job vacancies rose by 2.7 per cent to a record 210,300. Job vacancies are up 16.1 per cent on a year ago – the strongest annual growth rate in 7 years.
  • And detailed quarterly estimates on the job market are also on Thursday’s data docket including employment levels for industry sectors. The November 2017 data showed that Healthcare remained the biggest employer with 1.65 million employees (13.3 per cent of the total) followed by Retail Trade (1.29 million jobs or 10.4 per cent) and Construction (1.17 million or 9.4 per cent).
  • The Reserve Bank also issues the February Financial Aggregates publication on Thursday. Most interest is in the estimates of private sector credit (effectively loans outstanding) but measures of money supply are also released. In January private sector credit rose by 0.3 per cent after a 0.3 per cent rise in December. Annual credit growth held at a 3½-year low of 4.9 per cent.

Overseas: US inflation again in focus

  • There is never a shortage of new US economic data. In the coming week most interest is likely to be generated by the inflation indicators contained in Thursday’s report on personal income and spending.
  • The week kicks off on Monday when the Chicago Federal Reserve releases the national activity index. This index has risen for the last five months.
  • On Tuesday, the S&P/Case Shiller measure of home prices is released alongside the Conference Board’s measure of consumer confidence and the influential Richmond Federal Reserve manufacturing index. Home prices are up 6.3 per cent on a year ago, no doubt supporting consumer conference near 17-year highs. The usual weekly measure of chain store sales from Redbook Research is also issued on Tuesday.
  • On Wednesday the “advance” February figures on international trade is released with the pending home sales index and the final estimates of economic growth (GDP) for the December quarter. Data is expected to show that the US economy grew at a 2.6 per cent pace in the final three months of 2017.
  • While the GDP data will also include inflation estimates, investors will be more interested in the price estimates accompanying the personal income and spending data on Thursday.
  • Simply, the personal income figures are more recent (February). The measure to watch is the core personal consumption expenditure (PCE) deflator. Economists expect that core PCE deflator rose by 0.2 per cent in February, leaving the annual rate at 1.5 per cent – well short of the Federal Reserve’s 2 per cent goal.
  • Economists also expect that US personal income grew by 0.4 per cent in February, ahead of a 0.2 per cent lift in consumer spending.
  • Also on Thursday is the influential Chicago purchasing managers index is released as well as the weekly data on new claims for unemployment insurance (jobless claims).
  • In China on Saturday (March 31) the National Bureau of Statistics issues the purchasing manager indexes for both the manufacturing and services sectors.

Financial markets

  • Traditionally April is a good month for the Australian sharemarket. In the past six years the sharemarket has only fallen once. Go back 30 years and you’ll discover that the All Ordinaries has only fallen eight times in the month of April. And go back 70 years, average returns in April are 1.8 per cent, well ahead of the 0.6 per cent average monthly gain for all months of the year.
  • Few major companies go ex-dividend in April (that is, trade without the benefit of their dividends), thus supporting share prices. Also the fact that investors are looking to invest their dividend payments also supports the sharemarket in the month.

 

The week ahead: Jobs growth and US Fed expected to lift interest rates

Friday, March 16, 2018

Australia: Will the record jobs growth continue?

  • This week is all about Thursday’s employment report in Australia. Will the record breaking run of 16 consecutive months of job gains continue? The Bureau of Statistics also releases its somewhat dated update on residential property prices. And the Reserve Bank releases the minutes of its March meeting.
  • The week kicks off on Tuesday when the Commonwealth Bank Business Sales Indicator (BSI), a measure of economy-wide spending, is released. Spending grew at the strongest annual pace of growth in four years in January.
  • Also on Tuesday the Australian Bureau of Statistics (ABS) releasing the December quarter Residential Property Price indexes. While the data on home prices is not as current as the CoreLogic data, other figures are provided including those on the number of homes, permitting estimates on the number of people per home.
  • On Tuesday the Reserve Bank releases the minutes of its March Board meeting. Commentary on wages growth, share market volatility and trade protection (i.e. tariffs) could be of particular interest to market participants. We don’t expect any significant change in the Bank’s view on the inflation and economic growth outlook for Australia. Interest rates are firmly on hold.
  • Also on Tuesday, Reserve Bank Assistant Governor (Financial System) Michele Bullock participates in a panel discussion at the ASIC Annual Forum in Sydney.
  • Roy Morgan and ANZ also release the weekly consumer sentiment data on Tuesday. The number of optimistic respondents to the survey still outnumber the pessimists. Consumer confidence has rebounded from its August lows as strong job gains and record low interest rates have improved sentiment. Household consumption, however, still remains an “uncertainty” for the Reserve Bank due to modest wages growth and spending caution. 
  • On Wednesday, the Department of Jobs and Small Business releases its internet vacancy index. The index has now risen for 16 consecutive months – the longest period of growth since March 2011. The index has increased by 10.6 per cent over the year to 5½-year highs in January.
  • On Thursday the ABS releases the all-important February employment report. Jobs rose for a record-breaking 16th straight month in January. The unemployment rate has hovered around 4-year lows of 5.5 per cent in recent months due to an increase in the participation rate to near 7-year highs. The strengthening job market has encouraged people back into the workforce or to look for a job. Female participation is at record high levels. Economists tip an increase in total jobs of around 20,000 in February.
  • Also on Thursday, the ABS releases the latest population figures for the September quarter. Population is growing at a 1.6 per cent annual rate.

Overseas: The US Federal Reserve is expected to lift interest rates

  • The US central bank monetary policy meeting takes centre stage this week. Markets are almost certain that the Federal Open Market Committee (FOMC) will lift interest rates for the first time this year, having lifted the federal funds rate three times last year.
  • The week kicks off on Monday when the National Bureau of Statistics issues China’s 70-city housing price data for February. House price growth decelerated to 5.0 per cent in January, continuing the decline from a peak of 12.6 per cent in November 2016. Policymakers have announced stricter property-buying controls in an effort to cool prices. In tier-1 cities, housing prices fell on an annual basis in January for the first time since May 2015.
  • New US Federal Reserve Chair Jerome Powell is expected to increase interest rates by 0.25 per cent to a federal funds target range of 1.50-1.75 per cent at the conclusion of the FOMC policy meeting on Wednesday. Inflationary pressures are building in the US but not enough to warrant a more aggressive tightening in monetary policy than previously guided. Wages growth fell back from 8-year highs in February. We expect three rate hikes this year, including the expected increase in the coming week.
  • On Wednesday the US current account balance is released for the December quarter. The current account deficit narrowed from US$124.4 billion in the June quarter to US$100.6 billion in the September quarter. Trade of goods and services, together with net income from foreign investments, are an important part of the overall current account. The US trade deficit surged to 9-year highs of US$56.6 billion in January. US President Trump’s tariff policies are aimed at closing trade gaps with countries such as China.  
  • Also on Wednesday US existing home sales data is issued. Existing home sales unexpectedly fell for a second consecutive month in January due to persistent supply constraints. Sales fell by 4.8 per cent over the year to January, the largest decline in the annual growth rate since August 2014.
  • On Thursday the Federal Housing Finance Agency (FHFA) releases its January house price index. The index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. US home prices increased by 1.6 per cent in the December quarter to up by 6.7 per cent on the year.
  • Also on Thursday the Conference Board's Leading Economic index is issued for February. The index increased by 1.0 per cent in January. The index is tipped to rise by 0.3 per cent in February.
  • Markit also releases its ‘flash’ purchasing managers’ indexes (PMIs) for March on Thursday. PMIs are released across the US, Eurozone and Japan. The influential Kansas Federal Reserve manufacturing survey is also released in the US on Thursday.
  • On Friday new orders for US durable goods – ranging from aircraft to toasters – are issued for the month of February. A 1.7 per cent gain is expected after falling by 3.6 per cent in January.
  • Also on Friday US new home sales are released. New home sales fell by 7.8 per cent in January to an annualised pace of 593,000 units – the largest monthly decline since July last year.
  • Federal Reserve Bank of Atlanta President Raphael Bostic speaks at the Knoxville Economic Forum on Friday.

 

 

The week ahead: lending data and US inflation

Friday, March 09, 2018

Lending data and the Reserve Bank hog the limelight

  • There are no standouts in the second week of the autumn avalanche. There are a number of speeches from Reserve Bank officials and a raft of lending figures.
  • The week kicks off on Monday with the Reserve Bank releasing the latest credit and debit card statistics.
  • While the average credit card balance recorded a seasonal increase of $42.80 to $3,170.40 in December, it was up just 0.1 per cent over the year. In fact in smoothed terms (12 month average) the average balance was down by 0.2 per cent – a continuation of longer-term trends.
  • On Tuesday the National Australia Bank releases the February business survey.
  • The business conditions index rose recorded the fourth best monthly outcome on record in January. And the business confidence index hit a 9-month high.
  • Also on Tuesday, the Australian Bureau of Statistics (ABS) issue housing finance data. In December the number of loans (commitments) by home owners (owner-occupiers) fell by 2.3 per cent– the third fall in four months. And the value of new housing commitments (owner occupier and investment) fell by 1.6 per cent.
  • Roy Morgan and ANZ also release the weekly consumer sentiment data on Tuesday. Recent readings have been affected by the volatility on global sharemarkets.
  • Reserve Bank Assistant Governor Michele Bullock also delivers a speech at the Seamless Australia Payments Conference on Tuesday.
  • There is another speech by a Reserve Bank official on Wednesday, this time by Christopher Kent at the KangaNews DCM Summit.
  • Also on Wednesday, the ABS releases lending finance data. The total value of new lending commitments (housing, personal, commercial and lease finance) fell by 4.4 per cent in December to $70.8 billion, after the largest rise in almost three years in November.
  • And the Westpac-Melbourne Institute monthly survey of consumer confidence is released on Wednesday. The monthly confidence reading is more of a check on the weekly survey. But every three months the monthly survey also has a special focus on the wisest places to put new savings.
  • On Thursday the ABS releases the “Overseas Arrivals and Departures” publication. The publication includes data on tourist flows as well longer-term migration data. In December tourist arrivals fell by 1.7 per cent to 6-month lows and departures declined by 1.6 per cent to 5-month lows.
  • The Reserve Bank also releases the quarterly Bulletin on Thursday – a publication that includes topical articles on the economy and financial markets.
  • And on Friday yet another speech will be delivered from a Reserve Bank official, this time from Deputy Governor, Guy Debelle, entitled “Risk and return in a low rate environment”.

Overseas: US inflation data; Chinese retail sales and production

  • Key inflation data is released in the US in the coming week. And key activity data is released in China.
  • The week kicks off on Monday with the February monthly budget figures released in the US. Two years ago the deficit eased to a US$405 billion annual total. Today the deficit is near 4½-year highs at US$683 billion – and set to widen further over 2018.
  • On Tuesday the National Federation of Independent Business (NFIB) releases the February small business survey. And the usual weekly Redbook survey on chain store sales is released.
  • Of greater consequence on Tuesday is the Consumer Price Index (CPI). The core rate of inflation (excludes food and energy) is stubbornly below 2 per cent. And the longer it stays low, the more considered the Federal Reserve can be with interest rate hikes. Economists tip a 0.2 per cent lift in the month and 1.8 per cent rise over the year.
  • In China on Tuesday the National Bureau of Statistics releases the January and February readings on retail sales, production and investment. The latest forecasts released at the National People’s Congress suggest retail sales will continue to lift at a 10 per cent annual rate.
  • On Wednesday the two highlights are the measure of business inflation – the Producer Price Index – as well as the retail sales figures. Economists expect that the core PPI rose 0.2 per cent in February to stand 2.3 per cent higher on a year ago.
  • Retail sales fell 0.3 per cent in January after averaging gains of 0.9 per cent a month over the previous four months. Sales may have rebounded by 0.3-0.4 per cent in February.
  • On Thursday a number of influential surveys are released. The Philadelphia Federal Reserve release the March manufacturing survey. In New York the Federal Reserve issues the March Empire State manufacturing index. And the National Association of Home Builders releases the housing market index.
  • The January data on capital flows is also released on Thursday with data on export and import prices. And the usual weekly data on claims for unemployment insurance is issued.
  • On Thursday, two ‘top-shelf’ indicators are issued: housing starts and industrial production. Housing starts are tipped to ease in February after the strong 9.7 per cent increase in January. And production may have lifted 0.2 per cent after January’s 0.1 per cent fall.
  • Also on Friday the preliminary March consumer sentiment survey is released with the JOLTS series of job openings.

 

The week ahead: The Reserve Bank, US jobs and Chinese inflation data

Friday, March 02, 2018

Economic growth data and the Reserve Bank meets:

  • Top-tier economic data features prominently in the coming week with economic growth, building approvals, and retail trade all being released. The Reserve Bank Board also meets.
  • The week kicks off on Monday with the Australian Bureau of Statistics (ABS) releasing the December quarter Business Indicators publication, which includes data on profits, sales, inventories and wages.
  • Also on Monday data on building approvals, new vehicle sales, ANZ job advertisements and surveys on the services sector are all released in a hectic start to the week.
  • On Tuesday the Reserve Bank Board meets. No change in monetary policy settings is expected. Interest rates are firmly on hold until at least the end of 2018 due to retail deflation and modest wages growth. 
  • Also on Tuesday, the ABS issues the broader trade data for the December quarter – the balance of payments and foreign debt figures. The current account deficit narrowed slightly to $9.1bn in the September quarter.
  • Retail trade data for January is issued on Tuesday. Sales data has been volatile in recent months although the decline in December was largely expected after the biggest increase in sales in eight years in November. The pick-up in quarterly retail sales volumes should be a positive contributor to economic growth for the December quarter. Retail trade may have lifted 0.4 per cent in January.
  • Also on Tuesday, Roy Morgan and ANZ release the weekly consumer sentiment data and the ABS issues the government finance data. The spending figures (consumption and investment) are a key input into the following day’s economic growth estimates. 
  • On Wednesday, the December quarter National Accounts are released. The main interest is in the economic growth figures (the change in GDP) but the data also includes other estimates such as household consumption. The economy probably grew by 0.6 per cent in the quarter and around 2.5 per cent for 2017. 
  • On Wednesday, the Reserve Bank Governor, Philip Lowe delivers a speech at the Australian Financial Review Business Summit in Sydney. The AiGroup releases its construction industry survey also on Wednesday.
  • On Thursday the ABS releases international trade (exports and imports) for the month of January and a surplus of $600 million is expected. 

Overseas: Spotlight on Italian election, US jobs and Chinese inflation data

  • The week kicks off on Sunday with the Italian general election. The poll is generally regarded as the most important in Europe this year. The Italian economy is improving, but a hung parliament looks likely. Italian shares have been strong performers this year on diminishing bank concerns. 
  • On Monday, services sector activity gauges are released for both the US (ISM) and China (Caixin). Chinese business activity expanded at the quickest pace in seven years in January. The ISM expanded to its highest level in over twelve years. 
  • New order growth is accelerating in the US manufacturing sector, rising in six of the past seven months. Factory orders, however, expected to moderate in January when the data is issued on Tuesday.
  • On Wednesday the US Federal Reserve issues its Beige Book on economic conditions across twelve regions.  
  • Also on Wednesday private sector companies (ADP survey) are tipped to have hired a further 195,000 job seekers in February. And the US trade balance report is released. A deficit of US$54.1 billion is forecast in January, up from the US$53.1 billion deficit in December, a 9-year high. Imports have been strengthening. And consumer credit is tipped to increase to US$20 billion in January, up from US$18.45 billion in December.
  • Atlanta Fed President Raphael Bostic speaks on the US economic outlookon Wednesday.
  • On Thursday we get the latest read on China’s trade balance. China’s imports surged by 36.9 per cent and exports by 11.1 per cent year-on-year, respectively in January. The trade surplus stood at US$20.4 billion.
  • Inflation data is released in China on Friday. Both consumer and business price indexes slowed in January. Factory prices, which feed into the prices that export customers pay, are continuing to decelerate. Prices rose at an annual growth rate of 4.3 per cent in January on lower commodity price growth – a third consecutive monthly decline – weighing on industrial profits. 
  • Consumer prices softened to an annual growth rate of 1.5 per cent in January. It is expected that the Consumer Price Index picked-up in February after the Lunar New Year base effects pass through from the previous month. Food and non-food inflation will keenly observed. 
  • Also on Friday the all-important US employment report for February is released by the Bureau of Labor Statistics. While the unemployment rate is forecast to remain at 16-year lows of 4.1 per cent, an additional 190,000 jobs are expected to be created. All eyes will be on average weekly earnings with an increase of 0.3 per cent expected. Annual wages growth is the strongest in eight years, sparking inflation concerns in markets.

 

The week ahead: Spotlight on the US Fed Reserve Chair

Friday, February 23, 2018

Business investment and home prices in focus

  • A relatively quiet week beckons in terms of new economic data. Home prices and business investment are the indicators of most interest.
  • The week kicks-off on Tuesday when Roy Morgan and ANZ release the weekly consumer sentiment results.
  • On Wednesday the Reserve Bank releases the monthly Financial Aggregates publication that includes the private sector credit measure (effectively ‘loans outstanding’).
  • In December, private sector credit rose by 0.3 per cent, after a 0.4 per cent rise in November. Annual credit growth fell from 5.2 per cent to a 3½-year low of 4.8 per cent. The annual decline in personal credit was just off the biggest decline recorded in 5½ years.
  • On Thursday the Australian Bureau of Statistics (ABS) releases the Private Capital Expenditure publication (essentially business investment figures).
  • In the September quarter, business investment rose by 1.0 per cent. But more importantly, investment expectations for 2017/18 continued to be revised up. The upgrade in investment between the first and fourth estimates was 34.1 per cent – the biggest upgrade in 12 years.
  • Also on Thursday CoreLogic releases home price data for February. And based on the daily observations, home prices in all the five mainland state capitals were either flat or lower in February. So far in February, Sydney home prices were down by 0.6 per cent to stand 3.8 per cent lower than the record high set in September 2017.

Overseas: Spotlight on the US Federal Reserve Chair

  • And both AiGroup and Commonwealth Bank release surveys of manufacturing purchasing managers also on Thursday.
  • The focus this week will be first testimony to be delivered on the economy by the new US Federal Reserve chair.
  • The week kicks off in the US on Monday with January data on new home sales slated for release. After falling by 9.3 per cent in December – the biggest drop in 16 months – analysts tip a 2.4 per cent lift in January sales. St Louis Federal Reserve President James Bullard is also due to speak on the economy on Monday.
  • On Tuesday, two gauges of home prices are released in the US – the Federal Housing Finance Agency (FHFA) measure and the CaseShiller survey. Home prices are growing at a healthy annual rate near 6.5 per cent.
  • Also due on Tuesday in the US is data on durable goods orders (a measure of business spending), a survey of consumer confidence, the Richmond Federal Reserve survey and the usual weekly figures on US chain store sales – a measure of consumer spending.
  • On Wednesday the US Federal Reserve chair, Jerome Powell, delivers semi-annual monetary policy testimony before the House Financial Services Committee. This will the first real chance for investors to assess the policy leaning of the new number one at the Fed.
  • Also on Wednesday the second (preliminary) estimate of US economic growth for the December quarter is issued. The initial estimate suggested that the economy grew at a 2.6 per cent annual rate. And only a modest downgrade in growth to 2.5 per cent is tipped. Investors will also closely watch a key inflation measure – the core private consumption expenditure deflator (core PCE). The pending home sales data for January is also slated for release on Wednesday together with weekly figures on housing finance and the Chicago purchasing managers index.
  • In China on Wednesday the National Bureau of Statistics will release the February purchasing manager surveys for manufacturing and services sectors. In January the manufacturing gauge was 51.3 with the equivalent services sector reading at 55.3. Any reading above 50 suggests expansion. The Chinese private sector Caixin purchasing manager’s index for manufacturing is set down for release on Thursday.
  • On Thursday in the US the January figures for personal income and spending are expected. Incomes may have lifted 0.3 per cent with spending up 0.2 per cent. But most interest will be in the inflation measure (the core PCE, as defined above). The annual rate is not expected to change from 1.5 per cent.
  • Also on Thursday in the US, data on construction spending is released with new vehicle sales figures and the ISM manufacturing index. The usual weekly data on claims for unemployment insurance (jobless claims) is also down on the Thursday data docket.

Financial markets

  • On Friday in the US the final reading on consumer sentiment for February is released.
  • The Australian corporate reporting season moves into the home straight in the coming week.
  • Amongst companies to report on Monday are Billabong; Japara Healthcare; Reliance Worldwide; Select Harvests; QBE Insurance; Spark Infrastructure Group; Amaysim Australia; Ardent Leisure; Bluescope Steel and Monash IVF.
  • On Tuesday results include AWE; Boart Longyear; Caltex Australia; Iluka Resources; PMP; Resolute Mining; Bubs Australia and Costa Group.
  • Results to be issued on Wednesday may include Harvey Norman; Medusa Mining; Orocobre; REVA Medical; Noni B, Emeco Holdings Auscann Group, Macquarie Atlas Roads, Vita Group and Ramsay Health Care.

 

The week ahead: Wages growth and US Federal Reserve

Friday, February 16, 2018

Australian wages growth is cruicial to the inflation and interest rate outlook

  • This week is all about wages growth in Australia. The December quarterly Wage Price Index is arguably the most important data released so far this year from an inflation and interest rate setting perspective. The semi-annual update on average weekly earnings will also be keenly observed.
  • The week kicks-off on Monday when the Australian Bureau of Statistics (ABS) issues the Overseas Arrivals and Departures publication that includes short and longer-term tourist and immigration data. Record numbers of Chinese tourists are holidaying in Australia, boosting spending in our retail and accommodation sectors.
  • On Tuesday the Reserve Bank releases the minutes of its February Board meeting. Few additional insights are expected following the release of the quarterly Statement of Monetary Policy on February 9. The Bank’s growth and inflation forecasts were left unchanged which means interest rates are on hold for some time.
  • Also on Tuesday the weekly ANZ-Roy Morgan weekly consumer sentiment results are released. And the Assistant Governor (Financial System) at the Reserve Bank, Michele Bullock, is scheduled to address the Responsible Lending and Borrowing Summit in Sydney.
  • On Wednesday the much-anticipated December quarter Wages Price Index is issued by the ABS. Wages growth has lifted off 20-year lows. We expect that wages rose by 0.6 per cent in the quarter, lifting annual growth from 2.0 per cent to 2.1 per cent. The labour market is tightening on strong jobs growth. Near decade-high business conditions and solid company profits are pre-conditions for pay rises. However, the Reserve Bank is only forecasting a gradual lift in wages: a “key uncertainty” for the inflation outlook.
  • Also on Wednesday construction work done for the December quarter is released by the ABS. Construction work surged by 15.7 per cent in the September quarter. Roads, rail and public transport infrastructure-related spending is booming, but residential dwelling construction may have eased.
  • We expect the Department of Jobs and Small Business’ Skilled Internet Job Vacancies Index to have risen for a fifteenth consecutive month in January when released on Wednesday. The index has risen to 5½-year highs as demand for skilled occupations improves across the economy.
  • The average weekly earnings data is released every six months. However the figures are important as they provide dollar estimates of wages in the economy across states and industries. The figures are issued by the ABS on Thursday.

Overseas: Focus on the US Federal Reserve

  • Data releases are light in a holiday-shortened week in the US. The main interest will be the minutes from the last US Federal Reserve policy meeting in January. Chinese property prices are scheduled to be released at the end of the week.
  • The President’s Day public holiday is observed in the US on Monday. Financial markets are closed. 
  • On Tuesday the usual weekly figures on US chain store sales – a measure of consumer spending – are released.
  • On Wednesday the US Federal Reserve issues the minutes of the January 30-31 meeting. Commentary on wages growth will be highly sought after by investors after the latest reading – the highest in over eight years – caused markets to reprice inflation expectations higher. US existing home sales have hovered near 10-month lows on record low supply. A modest increase from 5.57 to 5.6 million units is tipped in January.
  • Also on Wednesday the ‘flash’ Markit February manufacturing and services purchasing managers’ indexes are released in the US, Europe and Japan. Business activity remains expansionary amid a synchronised pick-up in global growth across developed economies.
  • On Thursday the Conference Board’s Leading Economic Index mat have risen for a fourth consecutive month in January. The index increased by 3.1 per cent in the second half of 2017 after rising by 2.6 per cent for the first half of the year. The underlying components of the index remain strong. The usual weekly data on claims for unemployment insurance (jobless claims) is also down on the Thursday data docket.
  • Also on Thursday US Federal Reserve voting member, Atlanta President, Raphael Bostic, gives a speech at the Banking Conference in Atlanta.
  • On Saturday attention turns to China with data on property prices to be released for the month of January. The housing market picked up in December as small declines in large cities stabilised and smaller cities gained some momentum, but price growth more than halved in 2017 as government curbs on speculation took effect.

Financial markets

  • The Australian corporate reporting season continues this week.
  • Amongst companies to report on Monday are Brambles, SEEK, NIB, Domain, Beach Energy and oOh!Media.
  • On Tuesday, earnings include those from Oil Search, Super Retail Group, Investa Office Fund and APN Outdoors.
  • On Wednesday, profit results include those from Coca-Cola Amatil, Scentre Group, Santos, Wesfarmers, Lendlease, Fortescue Metals, Downer and Stockland.
  • On Thursday results include: Alumina, CharterHall, Crown Resorts, Flight Centre, OceanaGold, OzMinerals, Qantas, Perpetual, Link Administration and Sirtex Medical. 
  • On Friday, earnings may include Westfield, Woolworths, Accent, Automotive Holdings, MYOB and Platinum Asset Management.

 

The week ahead: Reporting season week 2

Friday, February 09, 2018

Jobs report of main interest in Australia

  • The January job report together with estimates of business and consumer confidence are the key indicators in Australia in the coming week.
  • The week kicks-off on Monday with the Reserve Bank to release the December credit and debit card statistics. In November the average credit card balance rose by $65.90 to $3,127.70 – the largest monthly increase in 12 months. But in smoothed terms (12-month average) the average balance was down by 0.7 per cent.
  • On Tuesday the National Australia Bank releases its January monthly business survey. Business conditions are broadly the strongest in a decade and confidence is also improving. In fact the business confidence index rose from to +6.8 points to +11.1 points in December (long-term average +5.9 points).
  • Also on Tuesday the Australian Bureau of Statistics (ABS) releases data on lending finance – covering housing, personal, commercial and lease loans. In November total new lending commitments rose by 9.5 per cent – the biggest rise in almost three years and to a 12-month high.
  • The usual weekly ANZ-Roy Morgan weekly consumer sentiment results are also released on Tuesday. And the Assistant Governor (Economic) at the Reserve Bank, Luci Ellis, also is scheduled to address the Australian Business Economists forecasting conference.
  • On Wednesday Westpac and the Melbourne Institute release the monthly measure of consumer confidence. This survey is now more of a check on the weekly consumer sentiment surveys.
  • In January the Westpac/Melbourne Institute survey of consumer sentiment rose by 1.8 per cent to a 4-year high of 103.3. A reading above 100 denotes optimism.
  • On Thursday the January employment report is due for release. In December employment rose for a record-equalling 15th straight month, up by 34,700 after rising by 63,600 in November. But the jobless rate rose from 5.4 per cent to 5.5 per cent. We expect records to be broken in January with employment lifting by 30,000 while the jobless rate may be stable at 5.5 per cent.
  • On Friday Reserve Bank Governor Philip Lowe appears before the House of Representatives’ Standing Committee on Economics. An update on monetary policy and recent economic developments is expected.

Overseas: Key US inflation data to be released

  • The main interest in the US in the coming week is inflation data although retail sales, industrial production and housing starts will also compete for investor attention.
  • The week kicks off in the US on Monday with the monthly budget statement for January.
  • On Tuesday the usual weekly figures on chain store sales – a measure of consumer spending – are released.
  • On Wednesday in the US the focus will shift to the Consumer Price Index (CPI) and retail sales figures. Economists expect that the headline CPI rose 0.3 per cent in January, leaving the annual rate at 2.1 per cent. The core measure (excludes food and energy) may have lifted 0.2 per cent in the month and 1.8 per cent on the year – still a tame inflation rate.
  • US retail sales are seen posting a solid 0.4 per cent gain in February (or a 0.5 per cent gain if auto sales are excluded). Data on business inventories are also scheduled on Wednesday with the weekly data on mortgage finance.
  • On Thursday the Producer Price Index (PPI) – the main measure of business inflation – is released with industrial production data. Influential regional surveys – Empire State manufacturing and Philadelphia Federal Reserve survey – are also scheduled with capital flows and the NAHB housing sentiment index. The usual weekly data on claims for unemployment insurance (jobless claims) is also down on the Thursday data docket.
  • Economists tip a 0.3 per cent increase for the PPI and 0.2 per cent lift in the “core” measure. A firm 0.4 per cent rise in production is also forecast after the strong 0.9 per cent gain in December.
  • On Friday the University of Michigan reports the preliminary estimate of consumer sentiment for February. Data on import and export prices is also scheduled with housing starts. Import prices may have lifted 0.5 per cent with a weaker greenback with export prices up 0.3 per cent. Housing starts have been affected by harsh winter weather in recent months but may have lifted 1.5 per cent in January after December’s 8.2 per cent decline from near-decade highs.

Financial markets

  • The Australian corporate reporting season shifts into top gear in the coming week.
  • Amongst companies to report on Monday are Ansell, Aurizon, Bendigo & Adelaide Bank and JB Hi-Fi.
  • On Tuesday, earnings include those from Boral, Cochlear, SG Fleet, Propertylink and Transurban.
  • On Wednesday, profit results include those from CSL, Dexus, Goodman, IAG, Computershare, Ridley, Vicinity Centres, Villa World and Woodside Petroleum.
  • The biggest day of the season is Thursday. Results include: ASX, Evolution Mining, Healthscope, Sonic Healthcare, McGrath Holding, Newcrest Mining, Origin Energy, Suncorp, Telstra and URB Investment.
  • On Friday, earnings may include Medibank Private, Whitehaven Coal, iSelect, IOOF and Primary Health Care.

 

 

MORE ARTICLES

What's on: Reporting season and inflation

The week ahead: Inflation data in focus and US Fed meetup

Business sales, job vacancies and US economic growth

Housing and employment data to dominate

Investor signposts

Investor signposts

Investor signposts: Reserve Bank and economic growth

Housing and capital spending dominate last week of month

Investor signposts: Reserve Bank dominates proceedings

Investor signposts: Wages to lift

Investor signposts: Reserve Bank meets

Investor signposts: Fed meets in US

Investor signposts: Inflation in focus

Investor signposts: Job market in focus

Investor signposts: business confidence survey out next week

Investor signposts: Rate hikes ahead?

Investor signposts: Healthy smattering of data

Investor signposts: Reserve Bank dominates the agenda

Investor signposts: Business conditions and jobs to dominate

Investor signposts: Top shelf economic data ahead

Investor Signposts: Economic data springs into gear

Investor Signposts: Reporting season hits top speed

Investor signposts: Spotlight on Aussie wages

Investor signposts: RBA Governor faces grilling

Investor signposts: Reserve Bank decides on interest rates

Investor signposts: Inflation takes centre stage

Investor signposts: RBA dominates next week

Investor signposts: household and business confidence in focus

Investor Signposts: RBA to make cash rate call

Investor Signposts: The financial year draws to a close

Investor Signposts: What to watch

Jobs and consumer confidence in focus

Investor Signposts: Plenty of economic ‘covfefe’

Investor signposts: Business investment and retail sales

Investor Signposts: Reserve Bank to the rescue

Investor Signposts: Jobs data in focus

Investor Signposts: Federal Budget in focus

Investor Signposts: RBA in focus

Investor Signposts: Inflation week

Investor Signposts: The week ahead

Investor Signposts: RBA decides on interest rates

Investor Signposts: The week ahead

Investor Signposts: RBA board minutes out next week

Investor signposts: US Fed makes call on rates

Investor signposts: Retail sales in focus

Investor Signposts: Bounce back expected for economy

Investor Signposts: Pieces of the economic puzzle

Investor Signposts: earnings season kicks into top gear

Will the Reserve Bank budge on interest rates?

Investor signposts: Property prices in the spotlight

Investor signposts: All about inflation

Investor signposts: Jobs in focus

Investor Signposts: The final countdown

Investor Signposts: Jobs, jobs, jobs

Investor signposts: How fast is the economy growing?

Investor Signposts: Business investment and retail sales

Investor Signposts: What to watch next week

Investor Signposts: Aussie labour market in focus

Investor Signposts: The final countdown - Trump v Clinton

Investor signposts: Melbourne Cup rate cut?

Investor signposts: November rate cut on the cards?

Investor Signposts: Jobs, jobs, jobs

Investor signposts: How confident are Aussies about their finances?

Investor signposts: Is a rate cut on the cards?

Investor signposts: How cashed up are Aussies?

Investor signposts: Will the Fed raise rates?

Investor signposts: Jobs in focus

Investor Signposts: Economic growth in focus

Spotlight on profit reporting season

Investor Signposts: spring reporting season has sprung

Investor Signposts: Final week of company 'show and tell'

Investor signposts: spotlight on wages in Australia

Investor signposts: How confident are Aussie consumers?

Investor Signposts: Rate cut on the cards

Investor Signposts: Inflation data in focus

Investor signposts: Will there be an August rate cut?

Investor Signposts: Jobs in the spotlight

Investor signposts: RBA in focus

Investor signposts: Home prices in focus

Brexit vote in focus

Investor signposts: Jobs data to dominate

Will the Reserve Bank cut rates again?

Investor signposts: employment in focus

Investor signposts: business in focus

Jobs in focus

Investor signposts: housing data in focus

Investor signposts: will there be a rate cut?

Investor signposts: inflation takes centre stage

Investor signposts: RBA dominates

Investor signposts: employment data in focus

Investor signposts: The RBA dominates

Investor signposts: US housing sector in focus

Investor signposts: unemployment in focus

Investor signposts: China dominates

Investor signposts: data, data and data

Investor signposts: focus on growth

Investor signposts: spotlight on job market

Investor signposts: focus still on the RBA

Investor signposts: Reserve Bank in focus

New South Wales out on top