01 March 2021
Chris Scicluna
- Japan’s manufacturing PMI revised higher; Q4 capex and January labour market data ahead tomorrow and more sentiment indicators and news on consumer spending due later in the week.
- China’s official PMIs disappoint again with both manufacturing and services softening.
- German and Italian flash inflation data ahead today with equivalent euro area figures on Tuesday; German lockdown review will be of note on Wednesday.
- Government’s midweek Budget statement the main focus in the UK this week.
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26 February 2021
Chris Scicluna
- Japanese IP rebounds strongly in January, probably influenced by LNY-related demand.
- Japanese retail sales decline in January but by less than expected; housing starts post disappointing rebound in January.
- Tokyo CPI points to no upward pressure on core prices in February.
- French inflation falls less than expected in February.
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25 February 2021
Chris Scicluna
- Japan’s department store sales down almost 30%Y/Y in January as pandemic restrictions weigh heavily.
- Consumer confidence in Germany improves modestly but drops slightly in France.
- Aussie bond yields and the Aussie dollar rise sharply as Q4 capex data beats forecasts, with forecast investment also revised higher.
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24 February 2021
Chris Scicluna
- Japan’s labour cash earnings fall a revised 3.0%Y/Y in December, while BoJ underlying measures suggest no obvious lift in the inflation pulse.
- Aussie wage growth picks up more than expected in Q4, but trend still low; construction work posts small unexpected decline in Q4.
- RBNZ leaves OCR at 0.25%, as expected, LSAP and lending programmes also unchanged.
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23 February 2021
Chris Scicluna
- China’s new home price growth picks up in January, especially in the larger cities.
- UK labour market broadly stable around the turn of the year as government Job Retention Scheme provided support; pay growth at 12-year high only partly due to composition effects.
- Aussie merchandise exports rise 13%Y/Y in January as metal exports soar.
- Kiwi retail volumes fall 2.7%Q/Q in Q4 – payback for a strong rebound in Q3.
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