Two reports this morning surprised investors with seemingly out of place optimism in the private expenditures sector of the Australian economy. At 2:30 GMT the Australian Bureau of Statistics issued two indicators that demonstrated a solid uptick in retail sales and private capital expenditures.
The retail sales report was anticipated to see sluggish growth near 0.3%, but surprised traders with a relatively stronger 0.5% reading. Private capital expenditures, which report the quarterly change in new capital investment by private firms, revealed a healthy 4.9% growth in the second quarter. The figure was down from the first quarter’s reading of 7.7%, but well above the forecast 4.1%, making it bullish yet ominous.
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