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A weak end to 2019 for Japanese spending, German & French IP

Emily Nicol
Chris Scicluna
  • Japan’s household spending unexpectedly declined in December, concluding a particularly weak quarter for consumption after October’s tax hike. A slump in German and French IP implied that the euro area’s manufacturing sector ended last year on a soft note.

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German factory orders disappoint

Emily Nicol
Chris Scicluna
  • While recent surveys had suggested that Germany’s manufacturing sector was showing signs of stabilisation, December’s factory orders data were disappointingly soft and pointed to a weak IP showing at the end of last year.

RBA Governor signals reluctance to ease further

Emily Nicol
Chris Scicluna
  • RBA Governor Lowe today flagged worries that additional cuts might exacerbate the current strong upswing in Aussie house prices, adding to expectations that the bank is now on hold for a lengthy period. Meanwhile, after the Japanese final services PMI reported a sizeable downwards revision, focus turns to the equivalent European releases, US non-manufacturing ISM and ADP report.  

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RBA appears in no hurry to ease

Emily Nicol
Chris Scicluna
  • As had been widely expected, the RBA kept the cash rate left unchanged at a record low of 0.75%. But while Governor Lowe’s policy statement maintained an easing bias, he also suggested that the RBA is in no hurry to adjust policy.

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Chinese markets in catch up mode

Emily Nicol
Chris Scicluna
  • China’s markets reopened from the Lunar New Year holiday and were inevitably in catch up mode as the number of reported cases of coronavirus continued to rise at a double-digit percentage daily rate. And even though heightening concerns about the associated economic impact is not yet fully reflected in surveys, Japan’s manufacturing PMI reported a downwards revision in January’s final release.  

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