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Japan's underlying inflation remains near zero in September

Chris Scicluna
  • Japan’s underlying inflation remains near zero in September.
  • China’s industrial profit growth slows in September, but off high base.
  • Aussie consumer confidence rises to a 6-month high while Melbourne restrictions lift.

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Record levels of coronavirus cases; BoJ revises down forecasts and ECB set to be dovish

Chris Scicluna
  • ECB set to be dovish this week, BoJ to revise down its forecasts.
  • Euro area and US Q3 GDP data will show vigorous rebound but doubts grow about Q4.
  • Japan’s services price data beat expectations, but underlying picture still subdued.

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Flash euro area PMIs highlight hit to services

Chris Scicluna
Emily Nicol
  • French flash October PMIs weaken more than expected on pandemic resurgence.
  • German services PMIs fall too, but manufacturing output index near 10-year high.
  • Japan’s core CPI lifts in September, annual inflation weak in part due to policy measures.
  • UK retail sales maintain steady upwards trend, but consumer confidence deteriorates.

 

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German consumers inevitably more downbeat

Chris Scicluna
Emily Nicol
  • BoJ Financial System Report suggests Japan’s financial system is stable and supportive
  • Japanese department store sales still extremely weak in September.
  • Confidence of German consumers and French services predictably hit by Covid wave.
  • After political theatrics, new more intensive round of EU-UK negotiations to start today. But more active political engagement will eventually be required to do a deal.

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UK inflation temporarily ticks higher

Chris Scicluna
Emily Nicol
  • BoJ survey points to some normalization of credit demand in Q3; credit standards ease further.
  • UK inflation ticks up a little less than expected in September on end of restaurant subsidies.
  • UK public borrowing still trending below OBR projection even as debt ratio rises to 60-year high

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