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Widespread manufacturing weakness

Emily Nicol
  • After the Fed was less dovish than expected, Asian equities on the whole made losses. And after Japan’s final manufacturing PMI for July was revised lower, today’s European manufacturing PMIs and US ISM look set to provide a downbeat assessment of conditions in the sector at the start of Q3.

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All eyes on the Fed

Emily Nicol
  • As markets awaited the Fed’s policy announcement this evening, Asian equities lost ground as Japan’s consumer confidence and China’s PMI surveys signalled a subdued start to the third quarter. The euro area’s flash Q2 GDP and July inflation were expected to have moderated.

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BoJ leaves policy unchanged but won't hesitate to ease

Emily Nicol
  • While the BoJ predictably left policy unchanged, the Policy Board emphasised that it wouldn’t hesitate to ease policy if downside risks to its inflation target materialise.

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Policy watchers awaiting signals from Fed, BoJ & BoE

Emily Nicol
  • Monetary policy will dominate the news flow this week, with the Fed set to cut rates by 25bps on Wednesday, while the BoJ and BoE might well amend its forward guidance on the back of a more downbeat economic outlook.

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Japan's inflationary pressures remain muted

Emily Nicol
  • Despite the strong signal that the ECB will unveil an extensive easing package in September, European and US equities made losses yesterday. And this set the tone in Asian markets today, while Japan’s Tokyo CPI figures suggested that inflationary pressures remained subdued at the start of Q3.

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