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UK retail sales plunge in January

Chris Scicluna
  • Japan’s composite PMI lifts 0.5pt to 47.6 in January as manufacturing recovery continues, offsetting further modest weakness in the service sector.
  • Japan’s CPI inflation picks up in January as travel subsidy impact unwinds and food prices rise; core inflation turns weakly positive.
  • Aussie retail sales rebound a less than expected 0.6%M/M in January.
  • Aussie composite PMI falls 1.5pts to 54.4 in February.

 

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Japan's GDP rises more than expected in Q420

Chris Scicluna
  • Japan’s GDP rises 3.0%Q/Q in Q4, above market consensus as business capex rebounds much more than expected. A busy week still ahead in Japan with data on trade, machine orders, sentiment and inflation to come.
  • Inflation and retail spending indicators key in the UK this week.
  • IP data ahead in the euro area today; key sentiment indicators, including PMIs, and ECB meeting account the focus later this week.

 

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China’s core CPI inflation weakens in January

Chris Scicluna
  • Japan’s goods PPI lifted by higher commodity prices.
  • China CPI falls 0.3%Y/Y in January, below market, as core inflation hits a new post-GFC low; however, higher commodity prices lift PPI inflation.
  • French IP drops more than expected at end-2020 while Germany’s final CPI numbers confirm record jump in January.

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Japan’s labour cash earnings down at end-2020

Chris Scicluna
  • Japan’s average labour cash earnings fall 3.2%Y/Y in December as winter bonus earnings decline and overtime hours worked remain weak.
  • BRC and Barclaycard data illustrate drop in UK consumer spending in January.
  • French economy broadly flat in January according to the BoF survey, German trade paused in December but up solidly in Q4.

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Japan’s Economy Watchers survey points to slightly weaker conditions in January

Chris Scicluna
  • Japan’s Economy Watchers survey points to slightly weaker conditions in January, but optimism of some improvement ahead.
  • German manufacturing production continued to grow in December.
  • News on inflation expectations, housing and manufacturing ahead in NZ.

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