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Japanese trade and Tankan disappoint

Emily Nicol
  • Asian equities started the week on the front foot, taking support from more encouraging trade dialogues between the US and China. But against the backdrop of a more challenging external environment, the latest Japanese trade and Reuters Tankan disappointed.  

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Aussie employment surprises on upside, but global growth concerns remain

Emily Nicol
  • Growing concerns of weaker global growth triggered further significant gains in the major government bond markets, with 10Y yields in the US and UK falling below the respective 2Y yields for the first time since 2008. Despite some stronger Aussie employment figures, UK retail sales data are expected to add to the negative tone, while US retail sales and IP releases will also be closely watched.

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Trump backtracks on tariff threats, but Chinese economy already weakening

Emily Nicol
  • While Asian equities followed US and European markets higher as the US delayed the additional tariff on some Chinese products, the gains were pared somewhat by softer Chinese IP and retail sales figures. Some strong Japanese orders data contrasted with weak German GDP data, which confirmed the economy contracted in Q2.

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Disinflationary pressures becoming more evident

Chris Scicluna
Emily Nicol
  • Another day of bad news from Asia to Latin America yesterday inevitably saw Asian equities start today on the backfoot. But as the yen remained near recent highs, the latest Japanese goods PPI figures flagged the growing disinflationary impulse from the stronger exchange rate. 

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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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