Aussie GDP Partials Continue to be Released

• Global markets began the week on a subdued note, with the US shut for Labor Day. Focus now turns to Friday’s US labour market report.
• Domestic partial GDP data came in softer than expected: private non-farm inventories rose just 0.1%, likely subtracting around 0.4ppts from growth.
• That weakness should be partly offset by stronger net exports and government inventories, with more detail due later today.
• Company profits slipped 2.4%, while building approvals dropped 8.2%, both broadly in line with forecasts.
• Today’s releases include balance of payments and government finance data, ahead of tomorrow’s key Q2 GDP print.
• In commodities, gold and silver remain near all-time highs, oil prices are steady, and iron ore continues to edge lower.