Key data highlights - ANZ

Analysts at ANZ explained the key highlights of data from overnight.

Key Quotes:

"The July Chicago PMI was slightly weaker than expected at 58.9 vs 65.7 in June. However, the index is still elevated suggesting a healthy pace of regional output growth, and it was unlikely that the June reading could have been sustained, as readings above 60 rarely are."

"In other secondary data releases, US June pending home sales rose 1.5% m/m vs May’s 0.7% drop and the Dallas Fed manufacturing activity index rose to 16.8 v 15.0. In Europe, the improvement in June unemployment was better than expected, with the rate falling to 9.1% in June. That compared with 10.1% a year ago and was the lowest reading since Feb 2009."

"In absolute terms, euro area unemployment fell 148k in June, and in Germany, the harmonised unemployment rate is 3.8%. However, it is 21.7% in Greece and 17.1% in Spain. Try managing that – yet that’s what the ECB has to do!"