Key data from overnight - ANZ

Analysts at ANZ noted that US Q2 GDP was revised a tenth higher to 3.1% with personal consumption up 3.3% (unch) and PCE at 1.0% (unch).

Key Quotes:

"That confirms growth rose at a 2.2% saar pace in the first half of 2017, modestly above trend and consistent with the Fed’s gradual normalisation view. Initial jobless claims were up to 272k (mkt: 270k; last: 260k) with continuing claims falling to 1934k (mkt: 1993k; last: 1979k). The advanced goods trade balance fell to-$62.9bn (mkt: -$65.1bn; last: -$63.9bn) with exports up 0.2% m/m and imports down 0.3%.

Finally, wholesale inventories rose only 0.1% (mkt: 0.4%; last: 0.6%). In Europe, economic confidence rose to 113 in September vs 111.9 in August. That was the highest reading in 10-years and indicative of further solid gains in employment and an ongoing pick-up in investment.

German September HICP was unchanged at 1.8% y/y hinting at some downside risk to market expectations that Euro-area September inflation will rise to 1.6% y/y vs 1.5% y/y last time."