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German factory orders fall further than expected

Chris Scicluna
Emily Nicol
  • French IP posts modest decline in March
  • UK new car registrations exceptionally weak again in April

 

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Influential member of ECB signals that tightening is imminent

Chris Scicluna
Emily Nicol
  • German goods exports drop in March as shipments to Russia fall more than 60% on sanctions; import values higher but only due to inflation; trade surplus smallest in more than 20 years
  • UK retail survey suggests that prices on the high street in April rose at strongest rate since 2011 despite intense competition among supermarkets on everyday essentials

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Euro area Q1 GDP growth weighed by latest pandemic wave and Ukraine war

Chris Scicluna
Emily Nicol
  • While French inflation was expected to be unchanged on the EU measure in April, it rose to 5.4%Y/Y with increasing food and core pressures more than offsetting the impact of lower energy prices.
  • UK house prices rose for the ninth successive month in April according to the Nationwide index.

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German consumer confidence plunged to series low

Chris Scicluna
Emily Nicol
  • French consumers also the most downbeat since the yellow vest protests in late 2018, with proportion of households assessing it a good time to buy similarly well below long-run average.
  • US advance goods trade likely to report ongoing sideways trend in exports, but a cooling in imports.

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Japan’s unemployment rate falls to a near-2-year low

Chris Scicluna
Emily Nicol
  • Ahead of its latest monetary policy announcement on Thursday, the BoJ announces another two days of special unlimited purchase operations of 10Y JGBs at a fixed rate of 0.25%, to continue to defend its yield curve control framework.
  • BoJ’s estimate of trimmed mean CPI highest since 2008, but still well below 2% target and considerably lower than the US and euro area rates.
  • UK public finances data confirm that deficit more than halved as a share of GDP in FY21/22.

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