Key data releases from overnight - ANZ

Analysts at ANZ offered a review of the key data releases from overnight.

Key Quotes:

US new home sales dropped from elevated levels in December. Sales totalled 625k saar (mkt: 675k; last: 689k). The Northeast fell 2.4%, Midwest declined by 10%, the West sunk 9.5% and the South dropped 9.8%. Months of supply remain lean at 5.7 months. Separately, initial jobless claims came in at 233k (last: 216k) signalling a strong labour market. The leading index rose 0.6% in December, from 0.5% previously.

German IFO business climate remains elevated. Confidence rose to 117.6 in January (last: 117; mkt: 109.5) with expectations down 1.1pts to 108.4 and the current assessment rising to 127.7 from 125.5. Canadian retail sales (ex-auto) beat expectations in November, adding to the run of strong data to finish the year. Separately, the Foreign Minister said the auto rules of origin put forward are “insanely complicated” while Reuters said negotiations haven’t “moved an inch”."