Plenty of Australian data just published:
Inventories for Q1 -1.2% q/q … inventories were run down due to the rush on stores into the beginning of the coronavirus panic - firms could not keep up with demands for certain products hence inventory run down. This will be a negative for the GDP data due tomorrow.
expected -0.6% q/q, prior 0.3%
Company Operating Profit for Q1 +1.1% q/q … mining profits up, others not so much
expected 0.5% q/q, prior -3.5%
Net Exports as a % of GDP for Q1 come in at 0.1% … a positive input to GDP, small at 0.1% though and a sad miss on the central estimate Nope …. its +0.5% for a best, much better than I had at 0.1, got the wrong figure initially. A better input to the GDP
expected 0.3%, prior 0.1%
BoP current account balance for Q1 8.4bn AUD
expected AUD 6.1bn, prior AUD 1.0bn
Other:
- government spending on the Q was up, should add around 0.3% to GDP
So, the partial inouts to GDP will be
- -1.2 inventories
- +0.5 from net exports
- +0.3 public demand
There are other inputs but these are the three we can glean from the data releases today. What does it mean for AUD ? Probably not much at all … eyes on the behaviour of 'risk' according to the ebbs and flows of headlines mainly out of the US and China.
