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Retail rebound in Germany & Japan

Emily Nicol
Chris Scicluna
  • A week full of top-tier economic data brought some positive surprises, including from PMIs from China and retail sales from Germany and – ahead of tomorrow’s consumption tax hike – Japan.

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Tokyo inflation down again

Emily Nicol
Chris Scicluna
  • Ahead of next month’s re-examination of BoJ policy, downside surprises in the latest Tokyo CPI report supported the case for further easing. At the BoE, meanwhile, an MPC hawk just turned into a dove.

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Musical chairs at the ECB

Emily Nicol
Chris Scicluna
  • Some more positive trade talk helped improve the tone to US markets yesterday, while today Kuroda again made the case for easier monetary policy and Aussie vacancy data supported the case for an RBA rate cut next month. Meanwhile, the latest news on ECB personnel suggests that the ECB Executive Board might be about to become more dovish.

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Political noise deafening

Chris Scicluna
Emily Nicol
  • With House Democrats initiating impeachment proceedings against Trump, who berated China about its trade practices at the UN General Assembly, and the House of Commons returning to work after the Supreme Court ruled Johnson’s shutdown to be unlawful, political noise is becoming deafening on both sides of the Atlantic.

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Kuroda casts eye on the short end

Chris Scicluna
Emily Nicol
  • After yesterday's dire German PMIs, today's Japanese equivalents were merely so-so, while the French INSEE survey also suggested ongoing positive growth. Meanwhile, Kuroda gave a flavour of forthcoming discussions on the BoJ Policy Board, musing on issues related to the yield curve.  

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