A mixed bag from global markets - ANZ

Analysts at ANZ noted a mixed bag of results from overnight markets.

Key Quotes:

"The US July ISM non-manufacturing composite PMI fell to 53.9 – its lowest reading since August last year, suggesting the service sector lost momentum into Q3. New orders fell to 55.1 vs 60.5, employment to 53.6 vs 55.8 and business activity to 55.9 vs 60.8. Separately, Atlanta Fed’s nowcast model sees Q3 US GDP at 4%, with inventory (+1.1ppt) and the PCE deflator (+2.1ppt) the largest positive contributing factors.

Factory orders matched expectations, up 3.0% in June, from -0.3%. The Eurozone services PMI matched expectations at 55.4, while the composite slipped 0.1pts to 55.7. Separately, June retail sales came in firmer than expected, rising 0.5% m/m (mkt: 0.0%; last: 0.4%), bringing annual growth to 3.1%, the quickest pace of growth since 2015."