Australian shares are set to open lower. China PMI data at 11.30am. US Core PCE at 10.30pm. Apple rises. Reporting: AMA, Harvey Norman, Sandfire.
Reporting on Thursday: AMA Group | Atlas Arteria | Cromwell | Harvey Norman | IGO | Sandfire Tesla -0.6% Apple +1.5% Alphabet +0.8%On bitstamp.net, bitcoin was 2.8 per cent lower to $US27,201 at 4.44am AEST.Gross domestic product increased at a 2.1 per cent annualised rate last quarter, the government said in its second estimate of GDP for the April-June period. That was revised down from the 2.4 per cent pace reported last month.
On Wall Street, shares were modestly higher in afternoon trade with the focus on pending income, spending and Core PCE data this evening AEST and on Friday night’s AEST jobs report. China is set to release key August data late Thursday morning. Here’s what TD Securities is anticipating: “We expect China’s manufacturing PMI to weaken in Aug and stay in contraction for the 5th straight month at 49.0 .“Manufacturers are probably disappointed given the lack of concrete policy support measures since the July Politburo meeting while poor credit growth numbers and slower industrial production growth reflect the lack of activity in the manufacturing sector.
“Similarly, we expect the non-manufacturing PMI to extend its decline to 50.8 with consumers staying cautious on spending amid the heightened uncertainty over the economic outlook, evident from the dismal July retail sales performance,” TD said. “Overall, we expect another poor set of PMIs which is likely to reinforce the bearish China narrative and should reinforce authorities taking quicker and bolder policy action to drive a turnaround in sentiment.”Overseas data: NZ August ANZ business confidence at 11am; China August PMIs at 11.30am; Japan July industrial production; Eurozone preliminary August CPI and July unemployment rate at 7pm; US July personal income, spending and Core PCE at 10.
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