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Analysts at TD Securities point out that the Australia’s Nov manufacturing PMI corrected to 51.3 from the outsized 58.3.

Key Quotes

“Nov house prices declined another -0.9%/m, surprising no-one. Nov monthly inflation was soft at 1.6%/y for headline and 1.3%/y for the trimmed mean measure, the latter weaker via strong base effects. For GDP puzzle pieces, inventories were flat and so a -0.3%pt drag in the quarter while wages (+0.9%/q) and profits (+1.9%/q) were buoyant as expected. Building approvals for Oct fell -1.5% as expected, and rounded out a data heavy day that was all-but ignored.”