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Japanese wages weaker again

Chris Scicluna
Emily Nicol
  • As Japanese wages fell on the back of a sharp cut in overtime earnings, German and French exports fell at a record rate at the start of Q2. And releases suggest that household spending in the UK remained weak in May. 

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Record drop in German IP

Chris Scicluna
Emily Nicol
  • While Asian equities started the week on the front foot, the flow of economic data remained downbeat, with the confirmation of recession in Japan, ongoing weakness in Chinese imports and a record decline in German IP. 

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Japanese spending and German orders collapse

Emily Nicol
Chris Scicluna
  • Ahead of this afternoon’s US payrolls report, Japan’s spending figures confirmed a further notable contraction at the start of Q2, while German factory orders fell at a record rate in April.  

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Germany ups its borrowing as ECB poised to up its bond purchases

Emily Nicol
Chris Scicluna
  • Ahead of the ECB's meeting to agree an expansion of its Pandemic Emergency Purchase Programme, the German government agreed a new substantial fiscal stimulus package worth €130bn.

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Services PMIs provide mixed messages

Emily Nicol
Chris Scicluna
  • While the Chinese services PMIs suggested a notable improvement in May, the Japanese survey continued to signal significant contraction. And Australian Q1 GDP confirmed the first contraction since the global financial crisis.

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