Economic wrap: awaiting Central Bank speakers - Westpac

Analysts at Westpac offered an economic wrap. 

Key Quotes:

"US house prices (Corelogic) fell 0.07% in June (vs -0.10% expected), for a yoy pace of 5.13% - the lowest since August 2015. Consumer confidence (Conference Board) jumped from 96.7 to 101.1 – an 11-month high – but leaves a 2016 sideways trend intact.

German CPI (harmonised) fell 0.1% in August (vs +0.1% expected), for a yoy pace of +0.3% - a slippage from July’s 0.4%. Eurozone economic confidence fell from 104.6 to 103.5. These two disappointments will add to the arguments of the doves at the ECB.

Economic Event Risks Today

NZ business confidence (ANZ) remains elevated, consistent with strong activity in the economy, but we will be looking for any movement in the inflation-related components which have been depressed.

Australian credit to the private sector grew by only 0.2% in June. Weakness was centred on business credit, which declined by 0.2%. Expect a second weak number in July owing to a soft-spot for business. There’s also a speech from the RBA’s Debelle in Sinagpore to keep an eye on.

WBC-MNI China consumer sentiment Indicator slipped 1.6% in July – at 114 it remains well below the 10yr average of 119.7. The August survey was in the field in the first half of the month and may be impacted by flooding in recent months, which has affected 24 of China's 36 provinces.

ADP private sector payrolls are seen increasing around 170k in August after a 179k gain in July. FOMC members Rosengren and Evans speak later today in Beijing."