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Chinese GDP miss

Chris Scicluna
  • China’s Q3 GDP data missed expectations with a new series low, but September’s IP and retail numbers softened the blow. Meanwhile, Japan’s CPI report provided no surprises whatsoever, but next month’s will be far more difficult to predict.

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DUP says No

Chris Scicluna
  • While JGB yields continued to trend higher, the market mood in Asia remained subdued in the wake of yesterday’s  soft US retail sales report even as an Australian jobs report beat expectations. A morning statement from the DUP saying that it still could not back the proposed Brexit deal injected new uncertainty ahead of today’s Summit.

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White smoke from Brussels?

Chris Scicluna
  • Renewed US-China noise over Hong Kong weighed somewhat on risk appetite in Asian time, while all eyes will be on Brussels today as Brexit negotiations resume in search of a breakthrough in time for tomorrow’s Summit.  

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Regional reassurance for BoJ

Chris Scicluna
  • While the full economic impact of Typhoon Hagibis remains uncler, the BoJ's latest Regional Economic Report suggested that underlying economic growth momemtum remains positive and so the Policy Board need not provide a panicked rate cut at its next meeting at the end of the month. Elsewhere, Chinese producer price deflation intensified, but the Brexit mood music improved. 

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No Brexit breakthrough!

Chris Scicluna
  • Despite weaker Chinese trade data, Asian stocks started the week on the front foot following Friday’s ‘first-phase’ agreement between the US and China. Sterling’s slipping back, however, after the weekend exposed Johnson’s latest Brexit initiative to critical scrutiny from the EU.

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