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Italian political noise to persist

Emily Nicol
Chris Scicluna
  • While Japan was on holiday, Asian equities started the week on the front foot, supported by another measured response to policymaking from the PBoC. Following last week’s sell-off BTPs made gains ahead of today’s meeting of Italian parliamentarians to discuss a possible timetable for managing the fallout from the government’s collapse.

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Japanese consumers provide a boost

Emily Nicol
Chris Scicluna
  • Japan’s GDP data comfortably beat expectations as consumers spent ahead of the autumn tax rise. But US-China relations and Italian politics weighed on markets again.  

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China's exports defy intensified trade dispute

Emily Nicol
Chris Scicluna
  • While China’s exports posted a surprising gain in July, Japanese Economy Watchers were more downbeat about economic conditions. And surveys continued to highlight the negative impact of ongoing political uncertainty on the UK housing and labour market.  

 

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German gloom deepens as Kiwis give bonds a boost

Chris Scicluna
Emily Nicol
  • BoJ data pointed to moderate Japanese consumption growth in Q2 while German IP for a fourth successive quarter and by the most since the euro crisis. Meanwhile, the RBNZ provided a surprise 50bp rate cut and flagged its readiness to shift rates eventually into negative territory should that be needed. 

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From trade war to currency war?

Chris Scicluna
Emily Nicol
  • After the US Treasury labelled China a currency manipulator, the PBoC attempted to diffuse tensions surrounding the RMB. But Japan's MoF flagged its willingness to act if the yen appreciates sharply. 

 

 

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