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Germany’s trade surplus widened to 10-month high

Chris Scicluna
Emily Nicol
  • Japanese consumer confidence edged marginally higher; Japanese new car sales remained weak amid subdued demand and ongoing supply constraints
  • UK new car registrations accelerated in December but remained well below pre-pandemic and pre-Brexit referendum levels

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French inflation surprised on the downside

Chris Scicluna
Emily Nicol
  • French consumer confidence unexpectedly slipped back at the end of last year
  • German import prices fell by a record amount in December 
  • UK shop price inflation slowed slightly in December as non-food prices failed to rise

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German ifo suggests easing in economic downturn

Emily Nicol
Chris Scicluna
  • Tomorrow’s BoJ monetary policy announcement should be a non-event, with no changes to be made to policy
  • Top-tier data to come this week include euro area consumer confidence and German producer prices, US consumer confidence, the UK’s current account deficit, and Japanese CPI inflation and US personal income, spending and the PCE deflators

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UK retail sales disappoint in November

Chris Scicluna
Emily Nicol
  • Flash German and French PMIs again point to contraction in Q4
  • Despite a boost to services from improving tourism and the government’s discounted travel scheme, Japan’s flash composite PMI was merely consistent with stagnation in December

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All eyes on the ECB and BoE

Chris Scicluna
Emily Nicol
  • Fed predictably slows the pace of tightening to 50bps; ECB and BoE also expected to moderate the pace of rate hikes
  • Chinese economic activity goes into reverse in November before the authorities adjust the zero-Covid policy
  • Japanese trade deficit declines in November on lower commodity prices; tertiary activity posts modest rise at the start of Q4

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