Australia’s Q1 GDP growth likely undershot expectations at 0.3% QoQ and 2.4% YoY, while China’s private services PMI data looms.
Australia’s first-quarter GDP growth is expected to come in below earlier forecasts, with estimates revised down to 0.3% quarter-on-quarter and 2.4% year-on-year. Previous projections had anticipated 0.5% QoQ and 2.7% YoY growth, but recent data suggests weaker economic momentum.
China’s private services PMI for May will also be released on June 3, following mixed official PMI readings. The private manufacturing PMI previously fell to 51.8, signaling a potential slowdown in services activity amid broader economic uncertainty.
Markets will watch both releases closely for signs of regional economic trends, with implications for monetary policy and risk sentiment.