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Australia GDP Expands In Q2

Second Quarter GDP Growth Rises in Australia, Slowly

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Late figures from the Australian bureau of statistics showed that the second quarter’s GDP rose at a pace of 0.50% but fell short of 0.60% estimates. First quarter GDP was lowered from 1.10% to 1.00%. On a year over year basis, Australia's GDP increased 3.30%.

Switzerland GDP Growth Accelerates In Q2


Economic growth in Switzerland doubled in the second quarter, rising 0.60% beating estimates of 0.40% during the period, official data showed on Tuesday. In the first quarter, Switzerland's GDP rose at a pace of 0.30%. Private consumption was flat while government spending increased 1.70%. Swiss exports of goods increased 0.80% while imports increased at a slower pace, rising 0.50%. On a yearly basis, Swiss GDP growth rose 2.00%.

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Eurozone GDP Growth Confirmed At 0.30%


Final GDP data for the second quarter in the eurozone showed a 0.30% increase, matching initial estimates - according to official data released on Tuesday. Weaker paces of economic growth from France and Italy posed a drag as the eurozone GDP slowed from 0.50% in the first quarter. Germany's composite PMI fell to a 15-month low in August. The Eurozone GDP release comes ahead of the ECB meeting due this Thursday where no major policy changes are expected.

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ISM Non-Manufacturing PMI Falls to 5-Year Low


The non-manufacturing survey from the ISM showed that the services sector activity fell to a 5-year low in the US. The weak reading increased concerns on a slowdown in the US economy following last week's manufacturing PMI. ISM said that majority of respondents indicated a slowdown in the business of their respective companies. The employment index in the non-manufacturing sector fell to 50.7 in August from 51.4 in July indicating a very small expansion in the jobs in the sector.

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Data Ahead: Bank of Canada Interest Rate Decision


The Bank of Canada will be meeting later today at 1400 GMT for its monthly monetary policy meeting. Expectations are for the BoC to hold interest rate steady at 0.50%. However, weaker pace of growth in the second quarter combined with muted inflation is expected to push the BoC to maintain a dovish tone in its statement.

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