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Japan’s manufacturing PMI shows resilience, but service sector clearly weaker

Chris Scicluna
  • Japan’s flash manufacturing PMI falls modestly in January but services PMI hits a 5-month low. 
  • Japan's annual CPI rate falls deeper into negative territory in December, while department store sales remain very weak as pandemic continues to lower footfall.
  • UK retail sales post minimal growth in December despite easing of lockdown for much of last month.

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BoJ retains key policy settings and lowers FY20 growth forecast

Chris Scicluna
  • BoJ retains key policy settings, extends a couple of fund-provisioning facilities, lowers FY20 growth forecast but slightly upgrades outlook for FY21 and FY22.
  • BoJ Senior Loan Officer Survey points to mixed picture on loan demand; lending standards still easing but at a slower rate.
  • Australian employment recovery continues in December, lowering unemployment rate to 6.6%.

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UK CPI surprises on the upside and set to move higher in 2021

Chris Scicluna
  • Italy’s Conte survives Senate vote but support falls short of an outright majority; final December CPI figures ahead today in the euro area.
  • China’s benchmark prime lending rates left unchanged, as expected.
  • Australian consumer confidence recedes from 9-year high in January, likely due to virus news.

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China's Q4 GDP growth beats expectations

Chris Scicluna
  • China’s GDP grows 6.5%Y/Y in Q4, above market; IP much stronger than expected in December, but retail sales and capex fall short of expectations.
  • Japan’s IP revised to a modest decline in November; Reuters Tankan points to improved manufacturing conditions in January, but service sector conditions weaken.

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Biden announces coronavirus relief package; UK GDP contracts in November

Chris Scicluna
  • Japan’s service sector activity contracts unexpectedly in November.
  • China’s home price inflation moderates; PBoC retains 1-mth MLF rate at 2.95%.
  • UK GDP falls 2.6%M/M in November amid Covid-19 restrictions.
  • Aussie housing loan approvals rise to record high; Kiwi house sales surge.

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