• Private sector credit was up 0.5% in August with annual growth at 5.5%.
  • Housing credit was up 0.5% for a 6.6% annual gain.
  • Business credit rose by 0.5% for a 4.5% annual gain.
  • Residential building approvals for August was up 0.4% m/m against expectations of a 1.0% increase. AMP says Building approvals peaked a year ago and are on the way down for the next 6-12 months. Expect slowing dwelling construction ahead.
  • The CBA manufacturing PMI survey was up to 53.8 in September from 53.5 in August.
  • The CBA services PMI survey fell to 53.2 points from 54.2 points in August.
  • Retail sales fell in August. Sales fell 0.6% in August from July well below the 0.3% rise that was expected.


  • The New York Federal Reserve narrowed its forecast of 3Q US GDP at an annualized pace of 1.46% lower than the 1.56% last week. Its GDP estimate for the 4Q was lowered to 1.95% from 2.01% a week earlier.
  • US private employers added 135,000 jobs in September which beat expectations despite Hurricane Harvey and Irma which impacted smaller retailers. 


  • Spain – Catalonia’s referendum for independence has been thrown in to chaos with Catalonians clashing with Spanish police. The Spanish Government has declared the vote illegal. Videos were shown of police ripping out ballot boxes at polling booths and hitting people in crowds with batons. 90% of the 2.26 million Catalans who voted on Sunday voted in favour of independence. The region has 5.3 million voters. 770,000 votes were lost due to polling stations being raided by Spanish police. Catalonia is a wealthy region of 7.5 million people in Spain and has its own language and culture. Barcelona is part of Catalonia. But it is not recognised as a separate nation under the Spanish constitution.


  • China’s Manufacturing PMI rose at the fastest pace since 2012 in September. The official Purchasing Managers’ Index rose to 52.4 in September up from 51.7 in August. It now marks the 14th straight month of expansion for the manufacturing industry.
  • Expect Chinese data over the coming weeks to be exactly what leaders want to hear. That’s because the Communist Party Congress starts on Oct. 18. President Xi Jinping will set the political and economic policy tone for China for the next five years.