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No major surprises from Japan's Upper House election

Emily Nicol
Chris Scicluna
  • Japan’s Upper House election provided no major surprises, with Abe’s ruling coalition maintaining a comfortable majority. But it fell short of the two-thirds ‘super-majority’ required to deliver on his ambition to revise the constitution. Politics will be the focus in the UK this week with Boris Johnson likely to become the new Prime Minister, while all eyes will be on Thursday’s ECB announcement.

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Japanese inflation underwhelms again

Emily Nicol
Chris Scicluna
  • There were no surprises from the latest Japanese CPI report, which was typically underwhelming and suggested again that inflation has passed its peak. But after yesterday evening’s Fed-speak, Asian equity markets ended the week on the rise.

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Japanese trade toils

Emily Nicol
Chris Scicluna

 

  • Equities reversed across Asia as some disappointing earnings news combined with another soft Japanese trade report and a couple of downbeat surveys. Australia’s jobs data were subdued too.

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Japan's overseas visitors rebound, but euro car registrations slump

Emily Nicol
Chris Scicluna
  • Asian equities made very modest losses despite further threats from US President Trump to increase tariffs on a wider range of imports from Japan. Overseas visitors to Japan jumped in June and tourist spending was stronger in Q2. But euro area car registrations slumped in June.

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RBA minutes leave further easing on the table

Chris Scicluna
Emily Nicol
  • Aussie government bonds made gains today as the RBA minutes reaffirmed our expectation of a further policy easing before year-end. Looking ahead, the most noteworthy data will be the UK labour market and US retail sales and IP reports. 

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