GLOBAL ECONOMIC RESEARCH

US economy continued to grow strongly in Q3.

In US dollar terms, the NAB non-rural commodity price index rose marginally in Q3 2018 – increasing by 0.4% qoq. The strong upturn in the first quarter of this year contributed to a much more significant increase in year-on-year terms – up by 8.2%.

The bigger picture – a global and Australian economic perspective.

Solid headline growth masks divergent trends.

China’s consumers aren’t ready to drive the economy’s growth.

The bigger picture – a global and Australian economic perspective.

China’s trade relationship with the European Union.

Global growth appears to have remained above average through the first half of 2018, but with our leading indicator pointing to a moderation in coming quarters, we think that this will represent the peak for this cycle.

The US-China trade dispute dominated AUD/USD movements in July.