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Japanese GDP upwardly revised, Chinese exceeds expectations

Chris Scicluna
Emily Nicol
  • Japanese GDP growth was revised higher in Q1, but today's economy watchers survey provided a bleak assessment of the near-term outlook. But the latest Chinese trade report was more positive, with exports exceeding expectations in May. 

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Sluggish Japanese wages, slumping German output

Chris Scicluna
Emily Nicol
  • Japanese wage growth remained sluggish in April while consumer spending indcators provided mixed messages. But the latest German data stood out, with production and exports posting their steepest declines in almost four years.   

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All eyes on the ECB

Chris Scicluna
Emily Nicol
  • Ahead of the ECB's latest policy announcements, which will include TLTRO-III pricing, the latest German factory orders data pointed to ongoing weakness in the manufacturing sector in Q2. 

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Services PMIs & Aussie GDP

Chris Scicluna
Emily Nicol
  • Despite some underwhelming services PMIs from Japan and China, most Asian equities made gains, while fixed income markets were firmer as expectations of a near-term cut in the Fed Funds Rate increased.  

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RBA rate cut

Chris Scicluna
Emily Nicol

The RBA delivered its much-anticipated rate cut and left open the door to further easing, while the downbeat global dataflow continued with weaker Aussie and UK retail reports following yesterday's soft US and UK manufacturing surveys. 

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