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PMIs slump to extreme lows

Emily Nicol
Chris Scicluna

 

  • While the ECB’s announcement of another round collateral easing measures gave a boost to risk appetite overnight, the economic dataflow remained highly negative, with the flash Japanese April PMIs declining to record lows and signalling that activity had fallen off a cliff at the start of Q2. A similar outcome is likely in Europe and the US too.

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UK inflation starting to slide

Emily Nicol
Chris Scicluna
  • A record surge in Aussie retail sales in March won’t be sustained. But the drop in UK inflation reported this morning will be extended further over coming months.

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BoJ gives banks tentative thumbs-up

Emily Nicol
Chris Scicluna
  • While Asian financial markets were inevitably uneasy after the May-delivery price for WTI crude dropped into negative territory,  the BoJ Japan’s banks a tentative thumbs-up in its latest Financial System Report.

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Japanese exports predictably weak

Emily Nicol
Chris Scicluna
  • Japanese exports predictably weakened at the end of Q1, with a widespread steeper pace of decline in shipments to its key export partners as the Covid-19 outbreak took its toll on global demand.

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Unprecedented plunge in China’s Q1 GDP

Emily Nicol
Chris Scicluna
  • Asian financial markets ended the week on an upbeat note despite an unprecedented plunge in China’s Q1 GDP, down an extraordinary 6.8%Y/Y, as the coronavirus-associated lockdown inevitably took its toll on economic activity.

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