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UK and Italian political disarray in focus

Chris Scicluna
Emily Nicol
  • While US and European equities made solid gains yesterday and the mood-music surrounding the trade war appeared somewhat improved again, UK PM Johnson's letter to EU Council President Tusk seems highly likely to antagonise European leaders. Meanwhile, Conte looked set to step down as Italy's Prime Minister. 

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Disinflationary pressures becoming more evident

Chris Scicluna
Emily Nicol
  • Another day of bad news from Asia to Latin America yesterday inevitably saw Asian equities start today on the backfoot. But as the yen remained near recent highs, the latest Japanese goods PPI figures flagged the growing disinflationary impulse from the stronger exchange rate. 

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Italian political noise to persist

Emily Nicol
Chris Scicluna
  • While Japan was on holiday, Asian equities started the week on the front foot, supported by another measured response to policymaking from the PBoC. Following last week’s sell-off BTPs made gains ahead of today’s meeting of Italian parliamentarians to discuss a possible timetable for managing the fallout from the government’s collapse.

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Japanese consumers provide a boost

Emily Nicol
Chris Scicluna
  • Japan’s GDP data comfortably beat expectations as consumers spent ahead of the autumn tax rise. But US-China relations and Italian politics weighed on markets again.  

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China's exports defy intensified trade dispute

Emily Nicol
Chris Scicluna
  • While China’s exports posted a surprising gain in July, Japanese Economy Watchers were more downbeat about economic conditions. And surveys continued to highlight the negative impact of ongoing political uncertainty on the UK housing and labour market.  

 

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