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Upwards surprise to German CPI ahead of ECB account

Chris Scicluna
Emily Nicol
  • Asian equities were supported by Powell's testimony to Congress, reinforcing market expectations for a Fed rate cut later this month. Ahead of the ECB's account, this morning brought an upside surprise to German CPI. 

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Factory prices falling

Chris Scicluna
Emily Nicol
  • Ahead of Powell's testiomony, Asian markets were relatively quiet, even as factory price gauges from Japan and China came in weaker than expected. Euro area govvies joined other major bonds in weakening after French IP data provided a big upside surprise. 

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Japanese wages and UK retail survey disappoint

Chris Scicluna
Emily Nicol
  • Asian equities maintained a downward trend today, as Japanese wage data offered little cause for cheer. In Europe, a UK retail sales survey pointed to a sharp drop in spending in June. 

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Japanese orders down, but German IP & exports up

  • After a stronger US payrolls report on Friday, Asian equities started the week on the back foot, with Japanese machine orders surprising on the downside.  

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German orders plunge again

Chris Scicluna
Emily Nicol
  • Ahead of the US payroll report, the latest Japanese consumption-related data were mixed but German orders continued their woeful run to illustrate the case for further near-term ECB monetary easing. 

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