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Business Indicators Data Present Upside Risk to Preliminary June Quarter GDP Growth Forecast, ANZ Says

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The sales figures in the June quarter business indicators data point to a robust print for the production-based measure of the Australian gross domestic product and are a source of upside risk to ANZ's preliminary 0.4% June quarter GDP quarter-over-quarter growth forecast, the bank said in a Monday release.

Company profits in the business indicators data were up 1.8% quarter-over-quarter to be 7.4% higher year-over-year. Converting this into the equivalent national accounts measure, it points to an around 1% quarter-over-quarter increase in private non-financial corporations' gross operating surplus.

Wages and salaries posted a 1.4% quarter-over-quarter gain to be 5.7% higher on an annual basis.

Private non-farm inventories will subtract 0.3 percentage points from the June quarter GDP growth, more than expected.

The combination of robust sales data in the business indicators data and a decline in private non-farm inventories provides a solid starting point for the September quarter GDP growth.

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International

Saudi Arabia's Private Bank Lending Climbs 5.6% in July

Saudi Arabia's private bank lending grew 5.6% year over year in July, after a 6.8% rise in June, the Saudi Central Bank said Sunday.

^TASI
International

Saudi Arabia's M3 Money Supply Up 8.2% in July

Saudi Arabia's M3 money supply increased 8.2% year over year in July, following an 8.4% rise in the previous month, the Saudi Central Bank said Sunday.

^TASI
International

New Zealand Lending Grows in July as Housing, Agricultural Loans Rise

New Zealand's lending from registered banks and non-bank lending institutions increased in July, driven by growth in housing and agricultural lending, while personal consumer and business lending edged lower compared with the previous month, according to data from the Reserve Bank of New Zealand released on Monday.Total housing loans from registered banks and non-bank lending institutions in New Zealand grew to NZ$401.94 billion in July from NZ$400.51 billion in June. Total personal consumer lending fell to NZ$14.43 billion in July from NZ$14.49 billion in the previous month.Total business lending decreased to NZ$142.86 billion in the period, from NZ$143.14 billion. Meanwhile, agricultural lending rose to NZ$65.24 billion in July, from NZ$64.5 billion in the previous month.

^NZ50