Australian shares set for modest opening losses. Goldman drags on Dow. Fourth-quarter GDP at 11.30am AEDT. Follow updates here.
The data will be released later Wednesday morning. Here are some expectations:: The final pre-GDP partials released on Tuesday “were marginally on the softer side. As a result, NAB has revised down our GDP forecast ... to 0.6 per cent q/q from 0.8 per cent q/q, though do see the risks as tilted to a slightly higher print.
“Net exports are set to add 1.1ppt, a little softer than the 1.3ppt consensus. Public sector final demand grew by 0.4 per cent q/q, implying a 0.1ppt contribution to growth . A GDP increase of 0.6 per cent q/q is broadly in line with the RBA’s February forecast 0.7 per cent q/q and 2.7 y/y.”2.7 per cent y/y; but with considerable uncertainty, given the expenditure side is tracking weaker, but the income side is much stronger.
“The key for [Wednesday] though remains household consumption, for which we don’t get any proper partials. We expect a still-above-trend 0.8 per cent q/q lift which would contribute 0.4ppc to q/q growth.”
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