Economic wrap: US is a busy day ahead - Westpac

Analysts at Westpac have offered an economic wrap.

Key Quotes:

"The German IFO business climate index slipped from 111.0 to 109.8 in Jan, weaker than expectations at 111.3.

The UK CBI business optimism survey jumped from -8 to +15.

The US Nov FHFA House price index rose 0.5% in Nov, above consensus at 0.4%.

Economic/Event Risks Today

Australia day holiday.

The US calendar is busy, including the Dec advance good trade balance, Dec wholesale inventories, initial jobless claims, Markit’s Jan prelim services PMI, Dec new home sales and the Jan Kansas City Fed PMI."