Market WATCh Weekly 2 September 2022

Market WATCh Weekly 2 September 2022

September 2, 2022

In Australia, nominal retail sales saw another strong increase in July. Building approvals and new home loans both declined in July, while August saw the largest fall in house prices since 1983. Construction work done and private capex also fell in Q2. Abroad, the ADP employment report saw US private payrolls rise less than expected in August, while US job openings unexpectedly rose in July and remain double the number of officially unemployed. The US ISM manufacturing PMI pointed to further solid pace of expansion, with price pressures growing at the slowest pace since mid-2020. The official Chinese PMIs pointed to easing growth in services and a slower pace of contraction in manufacturing.

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