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Analysts at Nomura suggest that the US incoming data since the release of the BEA’s second estimate of Q2 GDP have been solid.

Key Quotes

“The data on business equipment and nonresidential structures investment, government spending, and net exports have been stronger than the BEA’s assumptions. However, residential investment was likely modestly weaker than its assumptions. Altogether, we expect the BEA to revise up the Q2 real GDP estimate by 0.3pp to 4.5% q-o-q saar in its final report.”