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PBoC’s rate cut precedes more easing from the ECB

Emily Nicol
Chris Scicluna
  • Asian markets took support from Friday’s announcement of further easing from the PBoC, despite some weaker trade figures over the weekend. The main policy event this week will be the ECB’s announcement on Thursday, where we expect a further cut to the deposit rate and QE to be announced.

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Kuroda talks JGBs as spending slumps

Chris Scicluna
Emily Nicol
  • After yesterday’s marked shifts in global bond prices, JGB yields inevitably moved higher today, with BoJ Governor Kuroda contributing  to a sharp rise at the ultra-long end. Data-wise, ahead of the US labour market, the news flow was disappointing, reporting weak Japanese consumption, falling German IP and a a marked drop in UK job recruitment.   

 

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Politics boosts sentiment (for a change)

Chris Scicluna
Emily Nicol
  • Positive news regarding US-China relations and Brexit gave a boost to risk appetite overnight, allowing markets to overlook some further weak data on German orders and Aussie trade.

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An easing of (certain) political risks

Chris Scicluna
Emily Nicol
  • Hong Kong stocks rallied, BTPs made further gains, and Sterling appreciated while Gilts sold off as – for a welcome change – the political news-flow from East Asia and Europe took a turn for the better.   

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No surprises from the RBA

Chris Scicluna
Emily Nicol
  • While Asian markets were little changed today and the RBA offered no surprises at its latest policy meeting, European markets are focussed on Brexit, with UK MPs set to vote to take control of Parliamentary business from the government to try ward off no deal. 

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