Events that marked the week:
Wednesday brought Australian CPI data. CPI fell 0.2% this quarter, compared with a rise of 0.4% last quarter. Analysts were anticipating 0.3% increase. CPI rose 1.3% over the twelve months to the March quarter 2016, compared with a rise of 1.7% over the twelve months to the December quarter 2015. The most significant price falls this quarter are automotive fuel (-10.0%), fruit (-11.1%) and international holiday travel and accommodation (-2.0%). The most significant offsetting price rises this quarter are secondary education (+4.6%), medical and hospital services (+1.6%) and pharmaceutical products (+4.8%).
From Australia, on Friday, PPI data was released. Australian PPI fell 0.2% in the March quarter 2016, missing forecasts on 0.2% increase. The fall was mainly due to falls in the prices received for petroleum refining and petroleum fuel manufacturing (-16.2%), other agriculture (-6.5%) and pharmaceutical and medicinal product manufacturing (-3.0%).
This week markets will be looking at:
NAB Business Confidence (Monday 3:30)
Building Approvals (Tuesday 3:30)
Caixin Manufacturing PMI (Tuesday 3:45)
Cash Rate/RBA Rate Statement (Tuesday 6:30)
Retail Sales (Thursday 3:30)
Trade Balance (Thursday 3:30)
