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Japanese GDP revised down, German exports slow

Chris Scicluna
  • Japan’s business capex revised down sharply in Q2, but GDP revised down slightly
  • Japan’s consumer spending and labour incomes soft in July, sentiment weak
  • Trump continues anti-China rhetoric
  • Australian business conditions deteriorate as Victoria lockdown weighs
  • German export growth moderates at start of Q2
  • A stronger UK retail survey

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Japanese consumption falls back in July

Chris Scicluna
  • Japanese consumption data from the BoJ points to firmer Q3 despite a drop in July
  • China’s exports improve further while its imports from the US remain weak
  • German IP data for July miss expectations, with construction particularly weak

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Germany manufacturing orders slow

Chris Scicluna
  • Asian and European markets respond to Wall Street weakness
  • Recovery in German factory orders slows
  • Aussie retail sales roar ahead
  • All eyes on the US labour market report later today

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Services PMIs point to different states of recovery

Emily Nicol
Chris Scicluna
  • Service sector surveys out overnight pointed to different states of recovery across the major Asia-Pacific economies.
  • China’s Caixin survey suggested ongoing gradual improvement, but Japan’s final services PMIs remained disappointingly weak. And despite an upwards revision, Australia’s survey suggested that the sector broadly flat-lined last month as the lockdown in Victoria took its toll.
  • Like in Australia, Spain’s services PMIs also suggested that the resurgence in the pandemic last month hit activity in the sector.

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Australia's first recession in 29 years

Chris Scicluna
Emily Nicol
  • Australian economic activity fell at a record pace in Q2
  • German retail sales fell back in July despite VAT cut
  • Spanish employment rose again
  • UK prices fell on the high street, but house prices rebounded

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