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RBA minutes leave further easing on the table

Chris Scicluna
Emily Nicol
  • Aussie government bonds made gains today as the RBA minutes reaffirmed our expectation of a further policy easing before year-end. Looking ahead, the most noteworthy data will be the UK labour market and US retail sales and IP reports. 

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China's Q2 GDP growth slowest in 27 years

Chris Scicluna
Emily Nicol
  • While China's GDP growth in Q2 was the slowest in 27 years, monthly activity figures suggested a modest recovoery at the end of the quarter, which provided very much support to Asian equities. 

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A nasty Singapore surprise

Chris Scicluna
  • Ahead of the Chinese trade report, Asian equity markets were somewhat mixed after a downwards revision to Japan’s May IP report and Singapore’s GDP data surprised significantly on the downside.

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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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