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Flash: Capex much weaker than expected – TD Securities

FXstreet.com (London) - Following the release of the Real capex overnight, TD Securities explain that it was much weaker than expected in Q1, declining by –4.7% against TD & consensus expectations for +0.5%, posing downside risk to our Q1 GDP forecast of +1.0% (due next Wed).

However, they said that the forward-looking nominal capex intentions for 2013/14 was a touch stronger than expected, coming in at $A156.5b (was $A151.3b) and confirming that non-mining investment is set to expand next year. So, they added that the report does not rule out further rate cuts down the track, but suggest that it does make a rate cut next week unlikely. Separately, residential building approvals jumped +9.1% m/m in April (TD & mkt +4%), after a –5.5% fall in March. TD said that’s encouraging given that approvals have trended lower in the past few months.

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