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Analysts at ANZ explained the key data events from Friday’s US close.

Key Quotes:

“US industrial production rose 0.4% m/m, from an upwardly revised 0.4% (initial: 0.1%) with capacity utilisation rising.”

“Retail sales were generally in line with expectations when one takes into account positive revisions to the previous month. The main weakness was in clothing (-1.7% m/m vs 2.2% in July) and autos (-0.8% m/m vs -0.1% in July). The decline in clothing is notable as this was the main drag on the goods inflation print yesterday.”

“Michigan consumer confidence rose in September (prelim) with both current and expectations higher, with the index at the second-highest level since 2004.”

US INFLATION DATA CONTINUES WEAKER:  

“In the same consumer confidence survey inflation expectations missed with 1-year at 2.8% (last: 3.0%) and long-term down to 2.4% (last: 2.6%). In addition, US import prices fell 0.6% m/m (mkt: -0.2%). CPI, PPI, imported inflation and consumer inflation expectations have all disappointed this past week.”
 

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