GDP tracking update lowered - Nomura

Following the data from the US session overnight, analysts at Nomura offered their GDP tracking update.

Key Quotes:

"Today’s industrial production data lowered our Q3 GDP tracking estimate 0.1pp to 2.9% q-o-q saar. While energy output, a proxy of household energy consumption, increased solidly in July, vehicle assemblies came in weaker than expected, suggesting less inventory building of vehicles. On net, the relevant elements of today's industrial production report were negative to Q3 GDP