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Pain ahead

Emily Nicol
Chris Scicluna
  • The latest BoJ Tankan, final PMIs and Donald Trump all signalled pain ahead. And Asian markets reflected that pessimism, with stocks and major bond yields down across the board.

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Chinese PMIs beat expectations

Emily Nicol
Chris Scicluna
  • China’s March PMIs rose back above the key 50 level. And ruling-party thinking for Japan’s forthcoming bumper fiscal package started to crystallise. But markets were not wholly impressed.

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Asia Pacific policy action as COVID-19 concerns continue

Emily Nicol
Chris Scicluna
  • As concerns about the impact of the coronavirus continued to spread, further action was taken by policymakers in Asia Pacific countries at the start of the week, with a 20bps cut by the PBoC on its reverse repo operations and a sizeable jobs protection package from the Australian government.

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Euro area solidarity still missing

Emily Nicol
Chris Scicluna
  • While Japanese stocks rallied into the weekend, momentum in other major markets softened after EU leaders failed to rise to the occasion again, with Merkel and co. still refusing to countenance issuance of a common euro area bond.

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ECB boosts periphery bonds

Emily Nicol
Chris Scicluna
  • While the Senate finally endorsed the $2trn US fiscal support package, and the ECB confirmed legally that it will not need to abide by its issuer and issue limits under its new PEPP programme, the market mood in Asia was more downbeat as Covid-19 took its toll on sentiment.

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