Economic wrap - Westpac

Analysts at Westpac offered an Economic Wrap of overnight trade ahead of the EU referendum.

Key Quotes:

"US jobless claims were 259k for the latest survey week (vs 270k expected). Manufacturing PMI was stronger than expected at 51.4, indicating some stability in this sector, albeit at a moderate pace of growth. New home sales disappointed with a 6.0% fall in May and large downward revisions.

Economic Event Risks Today

UK referendum on EU membership: Global markets will be fixated on the result, and there should be a reaction either way.

US: Durable goods are unlikely to see a gain in May; we see a flat headline result, with downside risks. The underlying trend can only be characterised as weak."