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Draghi's turn in the spotlight

Chris Scicluna

After today's RBA minutes flagged the strong likelihood of further rate cuts by the RBA over coming quarters, this morning attention shifts to the ECB with Mario Draghi set to strike a dovish pose at the Sintra Forum. 

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Fed to validate market shifts?

Chris Scicluna
Emily Nicol
  • Asia markets saw limited moves at the start of a week that could see the Fed either validate or seek to correct market rate expectations and will also bring new communication from the Mario Draghi, the BoJ, BoE  and RBA. 

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Japanese survey disappoints, Aussie employment exceeds expectations

Chris Scicluna
Emily Nicol
  • Japanese data provided mixed messages about the economic outlook, with services activity more encouraging in April, but a government survey signalling a deterioration in conditions. In Australia, employment growth exceeded expectations, but the unemployment rate still remained higher than the trend. 

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Buoyant Japanese orders, well-behaved Chinese inflation, & downbeat Aussie consumers

Chris Scicluna
Emily Nicol
  • A downbeat tone to Asian markets contrasted some upbeat Japanese machine orders data. But Aussie consumer confidence deteriorated while Chinese inflation rose on foods pressures while the core CPI measure edged lower. 

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Chinese stimulus and Aussie sentiment

Chris Scicluna
Emily Nicol

Asian equities extended the relief rally, buoyed particularly by news of extra Chinese stimulus. Aussie stocks posted a new post-GFC high but ACGB yields approached record lows as the latest NAB survey provided mixed messages. After yesterday's dire GDP data, the UK's labour market report is arguably the most notable of the day's new releases.  

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