- On the local front, Australia's Q2 GDP growth met expectations at 0.2% QoQ, but the YoY rate exceeded forecasts at 1.0%.
- Government spending boosted GDP growth by 0.3%, while private sector activity subtracted 0.1%.
- Net exports added 0.1% to growth, while inventory destocking reduced it by 0.3%.
- Weak private demand reinforced expectations for RBA easing later this year, but the best-case scenario is that the bank will only cut 25 bps in 2024.
- US job openings fell to 7.67 million in July, below expectations of 8.1 million.
- US decline in job openings suggests a cooling labor market, potentially adding pressure on the Federal Reserve to cut rates.
- Next Fed steps will likely be determined by Friday's Nonfarm Payrolls figures from August.
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