Economic wrap - Westpac

Analysts at Westpac offered an Economic Wrap.

Key Quotes:

"Philadelphia Fed’s January Business Survey was the key US release in a light data day (little of note in EU other than ECB). It posted strong gains (23.6, vs expected 15.3 from previous 19.7) but it was the detail that was key. Improvements were broad based, in line with Wednesday’s Beige Book, and “prices received increased 19 to the highest reading since July 2008. US Dec Housing Starts (1226k, exp 1188k) are seasonally volatile around year-end, but showed a larger than expected rebound from Nov.’s fall.

Economic Event Risks Today

Australia: Nov HIA home Sales (no NZ data)

China’s Q4 GDP, Dec Ind. Prod., Retail Sales and Fixed Asset Investment

China GDP to continue growing at robust pace in Q4, in line with that of recent quarters at 6.7%. Fixed asset investment, production and retail sales for December also due.

UK Dec Retail sales and Canadian Dec CPI and Nov Retail Sales are released on Friday."