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Japan's trade data disappoint again

Chris Scicluna
Emily Nicol
  • While US-China relations weighed on market sentiment across the region, Japan’s trade data disappointed market expectations with the biggest drop in exports for three years. Aussie job vacancy figures added to the downbeat newsflow.

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The week ahead

Chris Scicluna
Emily Nicol
  • After the PBoC today cut its rate on seven-day reverse repos, this week will bring the minutes from the most recent policy setting meetings at the Fed, ECB and RBA. Data-wise, attention will be on Japanese trade and CPI figures, as well as the flash PMIs for November from the major economies.

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Data provide reminder of economic weakness

Chris Scicluna
Emily Nicol
  • Asian investors largely remained in risk-off mode as the latest Japanese, Chinese and Aussie data disappointed expectations to provide a reminder that economic weakness remains the dominant trend. A modest upside surprise to German GDP failed to improve the market mood.

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Inflationary pressures remain subdued

Emily Nicol
  • Despite an upwards shift due to last month’s consumption tax hike, Japan’s goods PPI figures suggested that underlying price pressures remain very subdued down the pipeline. A moderation in Aussie wage growth in Q3 further underscored the lack of upward inflationary in that country too. Looking ahead, the day’s highlights include CPI inflation data from the UK and US, ahead of Fed Chair Powell’s testimony to Congress.

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Japanese orders decline and economy watchers survey disappoints

Emily Nicol
  • Ahead of the first estimate of Japan’s Q3 GDP estimate on Thursday, today’s economic data offered a more downbeat assessment of conditions heading into the final quarter of the year. Q3 GDP figures are also due from the UK (today), Germany and the euro area (Thursday). October inflation figures are also due from the US, UK and euro area, while Fed Chair Powell’s testimony to Congress (Wednesday) will also be closely watched.

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