Economic data released from Australia are generally disappointing. AiG Performance Index dropped to 48.1 in November, down from 51.6. That’s also the lowest level since August 2016, and indicates contraction in the sector. AiG said: “. The faster rate of contraction of the new orders index in November suggests a weak Christmas period ahead for Australian manufacturers. However, some manufacturing sectors are reporting better conditions than others, with manufacturers in the large food and beverage sector continuing to report buoyant conditions.”
Also released, company gross operating profits dropped -0.8% qoq in Q3 versus expectation of 1.0% qoq rise. Building permits dropped -8.1% mom in October, versus expectation of -1.0% mom. TD securities inflation rose 0.0% mom in November.
