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Japan’s flash composite PMI lifts in September

Chris Scicluna
Emily Nicol
  • Japan’s CPI rises to 0.0%Y/Y ex-fresh food in August – first non-negative print since July last year.
  • UK consumer confidence falls to 5-month low in September as concerns about rising cost of living and end of furlough grow.
  • New Zealand’s trade deficit widened in August, with exports retreating for a second month but imports continuing to surge higher.

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Fed signals taper to start ‘soon’

Chris Scicluna
Emily Nicol
  • Attention now turns to the BoE announcement, albeit policy settings likely to remain unmoved even as the MPC flags upside risks to inflation.
  • Australia’s composite PMI output index rises 2.7pts to 46.0 in September, led by a rebound in the manufacturing PMI.

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No surprises from the BoJ

Chris Scicluna
Emily Nicol
  • The BoJ left all policy settings unchanged today and maintained a positive outlook.
  • The PBoC left its prime loan rates unchanged for a 17th consecutive month.
  • In the US, the clear focus will be on the FOMC statement, updated projections and Jay Powell’s press conference.

 

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UK public borrowing higher than expected in August

Chris Scicluna
Emily Nicol
  • UK public borrowing bigger than expected in August but still trending well below OBR forecast to suggest room for manoeuvre at next month’s Budget.
  • RBA Board minutes contain no surprises.
  • Kiwi rates market prices out risk of 50bp rate hike following a speech by the RBNZ’s Hawkesby.

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BoJ, Fed and BoE meet this week

Chris Scicluna
  • This week’s Japanese diary is highlighted by the BoJ’s policy meeting on Wednesday and flash September PMIs and August CPI reports on Friday.
  • In the UK the main focus will be Thursday’s BoE MPC meeting and the flash PMIs and sentiment data for September. Euro area flash PMIs will also be published.
  • In the US, the focus will be on Wednesday’s FOMC meeting.

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