Q3 Capex Boost Supports GDP Outlook

• After a busy week of data, Thursday was quiet, with the US Thanksgiving holiday keeping bond markets closed and activity subdued.
• On the domestic front, Australia’s Q3 capex figures came in far stronger than anticipated, with total investment jumping 6.4%, marking a clear shift after a stretch of softer quarterly outcomes.
• The rebound was powered by an 11.5% q/q lift in Machinery & Equipment spending, while non-mining investment also impressed, rising 8.6% q/q and carrying most of the momentum.
• These results point to potential upside risks for near-term GDP forecasts, building on recent strength in dwelling and business investment, though full GDP partials are still awaited.
• Looking ahead today, we get Private Sector Credit for October domestically, while offshore attention turns to Tokyo CPI in Japan.