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Australian GDP Shows a Slowdown and Apple Announce

 

The pace of growth in the Australian economy seems to have slowed. GDP data released overnight showed that economy grew 0.6% QoQ (Q2) compared to the more impressive 1.4% in Q1. The main contributing factor seemed to be the mining sector, down 1.4%. Perhaps this is due to other mitigating factors, though analysts are likely to point to the connection between the slowing of Chinese demand and Australian mining supply.

Anticipation for the next iPhone release is underway as Apple announced an “event” September 12th. In the usual Apple style, they are allowing the rumours and speculation to mount and haven’t released any details as to what the event is for. However many industry commentators are expecting Apple to announce the iPhone 5. With current legal battles waging between Samsung and Apple over copyright infringement, the next release of smart phones will be eagerly anticipated, with even the potential for a last ditch Nokia revival.

Headlines:

Deutsche Bank cuts 10% of its Asian equity sales traders  - Financial Times

Twitter warned by  former board member of being short-sighted and chasing money at the expense of users – The Daily Telegraph

Amazon have announced a deal for streaming movies which led to Netflix to dump in late trading – Bloomberg

London IPO market given a lift as two Russian firms announce a London Stock Exchange float, MegaFon and Promsvyazbank - CityAM

 

Data to look ahead to today, Eurozone PMI and US MBA mortgage applications.

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