Hmmm .... a few conflicting reports on the m/m rise .... hence my slowness in posting this.

Some at +1.8%, some at +0.8%

Best I can ascertain is the result is +1.8% m/m and +0.8% q/q ... OK, yes those are correct.

  • The q/q is the slowest house price index growth since the last quarter of 2015

For annual growth

  • +9.6% y/y (+8.3% y/y prior)

CoreLogic head of research Tim Lawless:

  • "We are likely to see further tightening and repricing around investment lending and interest only lending over the coming months
  • Considering investors comprised just over 55 percent of new mortgage demand across New South Wales, a further slowdown in investment activity is likely to have a more substantial impact on housing demand in Sydney."


Still to come from Australia today (the following is a rehash of what I've already posted this morning):

0100GMT - Melbourne Institute Inflation measure, June

  • previous was 0.0% m/m and 2.8% y/y

0130GMT - ANZ Job Advertisements for June

  • prior +0.4% m/m, up for a 3rd consecutive month, and the y/y was up 7.4%

This private indicator on the labour market, along with many others, has been showing solid employment conditions for the first part of this year, which created a conundrum for analysts as the official data was not. Official data (monthly jobs report from the Australian Bureau of Statistics) has caught up, though.

0130GMT - Australia - Building permits (approvals) for May.

  • expected -1.3% m/m, the previous (for April) was +4.4%
  • expected -14.1% y/y, prior -17.2%

The decent m/m result in April came after a very poor March result, down 13.4% ... a huge miss ... with many analysts citing poor weather as a major contributor. If that was the case the bounce in April looks a lot less impressive.
The bigger picture for this indicator is a slowdown, driven predominantly by high-rise/higher density developments. The downturn is moderate, but its been going on a while. The 'pipeline' of building work is diminishing (albeit from a high level).

  • Non-high rise approvals have firmed
  • High rise approvals have stabilised


And, from China at 0145GMT - the private survey manufacturing PMI

  • Caixin / Markit Manufacturing PMI for June
  • expected 49.8, previous 49.6

Last week we got the official PMIs - these are different surveys: