What to Watch - Week of 25 August 2025

Past Week

• In Australia there were more signs of economic momentum picking up. Consumer confidence rose 5.7% m/m to its highest since February 2022
• Offshore markets largely treaded water ahead of Fed Chair Powell’s Jackson Hold address which is tonight
• Across the ditch the RBNZ cut rates by 25bps, but made a significant dovish shift, noting the subdued growth backdrop and persistent output gap

Week ahead

• Australia July CPI Indicator is (Wednesday) should rise to 2.3% yoy, driven by electricity base effects. Also out during the week are the RBA minutes (Tuesday) and GDP investment partials.
• In NZ, Retail Sales Volumes (Monday) are expected to show a small decline. Employment indicators and ANZ Business Confidence are both out Thursday, while ANZ-RM consumer confidence is Friday.
• In the US, Personal income and Spending data on Friday, including the core PCE inflation measure, is the key data release. Governor Waller and NY’s Williams are the pick of the FOMC schedule. Nvidia reports Wednesday.
• It is quiet in both the UK and Eurozone, with nothing of note in the data calendar save preliminary August CPIs for France and Germany on Friday. Note the UK has a public holiday on Monday.
• Industrial profits are the only release of note in China, though updates from Alibaba and BYD may give some insight to China’s anti-involution drive. Japan sees Tokyo CPI and labour market data, both Friday.

View the full report here. 

Also in the What to Watch

• Important Events Preview 
• Weekly Calendar 
• NAB Research Forecasts 

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