Events that marked the week:
There were no data releases from Australia on Wednesday, but from China Trade Balance figures were released. In Yuan terms, China’s Trade Balance beat the 338.80b billion estimate coming in at a surplus of 382.05 billion. The more closely watched Dollar-based figures also beat estimates. The anticipated decrease from November’s positive $54.10 billion balance to the $51.30 billion consensus forecast was met with an expansion of $60.09 billion. Exports dropped less than expected at a 1.4 percent rate (versus –8.0 percent anticipated) while imports dropped 7.6 percent (against -11.0 percent projected).
Focus of Thursday's session was on Australian job data. According to the latest report,
Australian employment decreased 1,000 to 11,902,300 from a revised November 2015 estimate. Analysts were anticipating decrease by 11,000. Full-time employment increased 17,600 to 8,228,700 and part-time employment decreased 18,500 to 3,673,600. Unemployment decreased 10,900 to 727,500.
Unemployment rate decreased 0.1 pts to 5.8%, based on unrounded estimates. Increase to 5.9% was predicted.
On Friday, Australian Home Loans data was published. The trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.1%. Owner occupied housing commitments rose 1.7% while investment housing commitments fell 2.9%. In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 1.8%. Analysts were predicting 0.4% decrease. In trend terms, the number of commitments for owner occupied housing finance rose 0.8% in November 2015.
Next week markets will be looking at:
China's GDP (Tuesday 3:00)
China's Industrial Production (Tuesday 3:00)
