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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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Brexit breakthrough?

Chris Scicluna
Emily Nicol
  • While market sentiment in Asia was buoyed on modest signs of a constructive outcome to today’s US-China trade talks, sterling remained firm on hopes of a Brexit breakthrough in Brussels later today. Meanwhile, a BoJ survey cast light on Japanese household behaviour either side of last week’s consumption tax hike.

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