Key events ahead and economic US wrap - Westpac

Analysts at Westpac offered and Economic Wrap and snapshot and risk events ahead.

Key Quotes:

"US ADP employment rose 179k in June (vs 170k expected). The services sectors saw gains while goods sectors saw declines. While it’s debatable how good an indicator of wider labour conditions this survey is, some will nudge their payrolls forecasts higher. Services PMIs were mixed, the Markit survey rising from 50.9 to 51.4 (vs 51.0 expected) but the ISM measure slipping from 56.5 to a still-firm 55.5 (vs 55.9).

Economic Event Risks Today

Australia: retail sales for June. Lower interest rates and a lift in sentiment should contribute to a marginal improvement, although a significant spending lift seems to have largely missed retailers of late. Nominal sales are expected to rise 0.4% in June, the Q2 real gain seen at 0.6%."