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Analysts at ANZ Bank New Zealand Limited (“ANZ”) noted the key events ending markets last week.

Key Quotes:

“US Q2 GDP rose by 4.1% saar, its highest level since 2014 Q3. The data were in line with expectations but below some of the punchier estimates, leaving financial markets little changed. Trump spoke saying the fantastic numbers will only get better as he agrees trade deals.”

“The USD was little changed; the focus is very much on the FOMC statement this week, which is widely expected to acknowledge the solid growth environment, convergence of inflation to target and appropriateness of further gradual policy normalisation.”

“Otherwise, it was a quiet night for data.”

“European equities continued to firm, with the major indexes up 0.4%-0.6%. The S&P 500 fell 0.7%, with tech stocks dragging. Fixed income was little changed in the US but bund yields were a touch firmer.”

“WTI oil fell late in the session before bouncing to sit at USD68.60/bbl.”

“Gold was 0.1% firmer at USD1224/oz.”