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Japan's trade report underwhelms, while May's effort to save Brexit deal falls flat

Chris Scicluna
Emily Nicol
  • Asian equity markets had a mixed day, while Japan's latest trade report underwhelmed and orders data fell short of expectations in Q1. Today will bring UK inflation figures, while Theresa May will likely face further criticism as she presents her 'new' proposals to the House of Commons. 

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RBA signals June rate cut after Powell leaves powder dry

Chris Scicluna
Emily Nicol
  • While most Asian equity markets posted gains today, RBA Governor Lowe gave a boost to ACGBs as he signalled the likelihood of a rate cut in a fortnight's time.

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Upside surprise to Japan's Q1 GDP

Chris Scicluna
Emily Nicol
  • Despite an upside surprise to Japan's Q1 GDP, Asia markets started the week on the soft side. Fed Chair Powell is due to speak later today, while minutes from the latest Fed and ECB meetings will be published later this week. Elections to the European Parliament will be held from Thursday. 

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May rolls the dice, China loses steam, Aussie wages steady, & Germany returns to growth

Chris Scicluna
  • China's economic activity indicators weakened across the board in April to raise expectations of imminent stimulus. Elsewhere, Aussie wages and German GDP data met expectations, but French inflation surprised on the upside, while Theresa May set out her latest plans to try to pass her Brexit legislation.

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Morning comment: Trump on trade, Economy watchers & NAB surveys

Chris Scicluna
Mantas Vanagas
  • The market mood calmed somewhat overnight on Trump's comments on planned talks with Xi at the G20. But while UST yields were off their lows and the yen reversed yesterday's appreciation, most Asian equity markets closed down on the day. The mood in Japan wasn't helped by a disappointing Economy Watchers survey, while the latest Australian NAB business survey also pointed to an ongoing loss of momentum. 

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