US Q2 GDP revised higher

Overnight we saw second quarter GDP in the US revised up to an annualised +4.2%, from an initial +4.0%. The revision came on the back of stronger investment numbers and slightly weaker inventories. The weaker inventory number could point towards a stronger Q3 result as companies are required to restock.

After the weak Q1 result (-2.1% ann) the result for the first half of the year is a just +1.1% ann but expectations are for growth to be around 3% ann in the latter half of the year.

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