Events risks in GDT dairy auction, RBA, China EU unemployment - Westpac

Analysts at Westpac offered their outlooks for the forthcoming event risk in Asia and European today.

Key Quotes:

"NZ: the GDT dairy auction tonight is tipped by futures markets to result in a modest rise in WMP prices.

Australia: The RBA policy decision is expected to be on hold. The minutes to the April meeting singled out labour and housing markets as key areas being monitored closely. The stronger than expected jobs gains in March and new macroprudential measures have further cemented the Bank's 'on hold' position.

China: The Apr Caixin Manufacturing PMI remained elevated at 51.2 in Mar but also indicated slower expansion relative to previous months. The Caixin index has been consistent with the NBS PMI which fell 0.6pts from near 5y peaks to 51.2 in Apr.

Euro Area: The Mar unemployment rate is expected to continue to improve to 9.4% from 9.5% in Feb. Last week’s economic confidence survey showed firms had improved employment expectations."