Economic wrap: US durable goods in focus - Westpac

Analysts at Westpac offered an economic wrap for the US session and pin point key events taking place ahead. 

Key Quotes:

"US existing home sales fell 3.2% in July (vs -1.1% expected). The median price slipped from $247,600 to $244,100 – still up 5.3% yoy. The latest update is consistent with the pattern since 2010: a moderate if erratic recovery in the housing market. The FHFA house price index rose 0.2% in June (vs 0.3% expected), leaving the annual pace unchanged at 5.6%.

German GDP was finalised at 0.4% for Q2, for a yoy growth rate of 1.8% - in line with expectations. Confidence indicators suggest a another decent quarter in Q3, although there are risks around investment.

Economic Event Risks Today

The main release of interest tonight will be the US durable goods orders report for July, a rebound expected after the plunge in June.

German IFO business sentiment has been buoyant and is expected to remain so, although the outlook will be less rosy than the current assessment.

There are no releases of note in Australia or New Zealand today."