Wednesday 3rd March 2021
All eyes will be on Australia’s GDP read this morning, which NAB’s Ray Attrill says is expected to be close to 3% growth QoQ, driven by consumer spending. The warnings yesterday from China’s banking regulator, Mr Guo Shuqing, that the US and Europe face bubbles from excessive leverage haven’t had any lasting impact. The RBA continued to provide guidance that rate rises weren’t likely until 2024 and made it clear that the $4 billion purchases announced on Monday were simply a bring forward, so we can assume they will be compensated by lesser purchases to keep the schedule on-track. Tonight the US ADP employment numbers will be a focal point ahead of non-farm payrolls at the end of the week.