Second-quarter (April, May, June) data from Australia

Inventories for Q2 0.2% q/q and a big miss

  • expected 1.2% q/q, prior 2.4% (revised from 2.1%)
  • inventory feeds into the GDP for the quarter, Q2 data is due September 1.

Company Operating Profit Q2 +7.1% q/q

  • expected 2.5% q/q, prior -0.3%

  • won't go into GDP but influences capex ahead (strong profits means better investment outlook)