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RBA cuts key cash and 3Y yield targets to 0.1%

Chris Scicluna
  • US election to dominate markets over the next 24 hours (and probably longer).
  • RBA cuts key cash and 3Y yield targets to 0.1%, announces A$100bn QE program.
  • Australian consumer confidence continues to edge higher as near-term outlook brightens.

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Huge week looms in the US

Chris Scicluna
  • Japan’s manufacturing PMI revised up to 9-month high after China’s official PMIs surprise to the upside.
  • Further policy easing to come this week from the BoE and RBA.
  • Aussie house prices rise in October; mortgage approvals jump in September, job ads. leap, but monthly inflation gauge points to fall in prices.

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Kiwi consumer confidence rises as gathering restrictions lifted

Chris Scicluna
  • Japan’s IP beats expectations, with unemployment steady, but housing starts and construction orders data still weak.
  • Tokyo consumer prices fell in October due to lower food and energy costs.
  • Euro area Q3 GDP likely beat expectations after strong French and Spanish data.

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BoJ leaves policy setting unchanged

Chris Scicluna
  • ECB expexted to signal the likelihood of an increase in the PEPP envelope by year-end, and flag scope to increase asset purchase pace before the next meeting too.
  • BoJ leaves policy settings unchanged, lowers near-term growth & inflation forecasts.
  • UK car production drops to 25-year low in September.
  • Australian and Kiwi business confidence improves but still weak overall.

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Australian inflation remains low in Q3

Chris Scicluna
  • Australia’s CPI rebounds in Q3 but underlying inflation weak and no barrier to RBA easing.
  • French consumer sentiment only slightly softer ahead of Macron address to the nation.
  • Survey points to only modest easing of deflationary pressures on the UK high street.

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