GBP/AUD:AU GDP Growth Slows in Q1, Capital Expenditure Picks Up

The Australian AiG Construction Index for May registered a reading of -6.6, showing a slight improvement compared to the April figure of -12.4. Additionally, the AiG Manufacturing Index came in at -5.1, while the AiG Industry Index recorded -10.9. Comparatively, in April, the AiG Manufacturing Index was reported at -20.2, and the AiG Industry Index at -20.1.

Turning to the Australian GDP for the first quarter, the growth rate stood at 0.2% on a quarterly basis and 2.3% on an annualized basis. Economists had anticipated a slightly higher increase of 0.3% and 2.4% respectively. In comparison, the GDP for the fourth quarter of the previous year had experienced a quarterly growth of 0.6% and an annualized growth of 2.6%. Furthermore, Capital Expenditure for the first quarter showed a quarterly increase of 1.8%, the Chain Price Index rose by 1.8% on a quarterly basis, and Final Consumption expanded by 0.2% quarterly. The economist's forecasts were for a decline of 5.6% in Capital Expenditure, a rise of 4.3% in the Chain Price Index, and an increase of 1.4% in Final Consumption. By comparison, during the fourth quarter, Capital Expenditure had decreased by 1.4% on a quarterly basis, the Chain Price Index had risen by 0.6% quarterly, and Final Consumption had expanded by 0.4% quarterly.

Moving to China, the Trade Balance for May amounted to $65.81B, significantly below the economist's prediction of $92.00B. In April, the Trade Balance had recorded $90.21B. Exports for May experienced an annualized decline of 7.5%, while imports saw a decrease of 4.5%. These figures differed from the economist's forecast of a 0.4% decrease in exports and an 8.0% decrease in imports. Comparatively, in April, exports had surged by 8.5% annually, while imports had dropped by 7.9% annually.

In the UK, the Halifax House Price Index for May remained flat with no change at 0.0% on a monthly basis and exhibited a decrease of 1.0% on a tri-monthly annualized basis. This reading aligned with economists' predictions of a flat monthly reading and a slightly smaller decrease of 0.9% on a tri-monthly annualized basis. Looking back to April, the Halifax House Price Index had contracted by 0.4% monthly and experienced a slight tri-monthly annualized increase of 0.1%.