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End game in Rome

Chris Scicluna
Emily Nicol
  • Having rallied yesterday on hopes of an imminent deal between Italy’s Five Star and the Democrats, BTPs are only a touch weaker this morning ahead of key meetings today that will likely make up the President’s  mind whether to allow them to form a new government or call a new general election. Elsewhere, the latest German consumer survey was so-so but Australia’s construction data badly missed expectations.

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Japanese inflation well off track

Chris Scicluna
Emily Nicol
  • As markets awaited Fed Chair Powell's appearance at Jackson Hole later in the day, the latest Japanese inflation figures underwhelmed, suggesting the BoJ still has a mountain to climb to sustain inflation at even half the target level.  

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Somewhat more positive preliminary PMIs

Chris Scicluna
Emily Nicol
  • Japanese equities were weaker despite a surprisingly strong services PMI. But as the markets awaited the ECB's account from its late-July meeting, the flash euro area PMIs for August surprised on the upside. 

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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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Japanese trade and Tankan disappoint

Emily Nicol
  • Asian equities started the week on the front foot, taking support from more encouraging trade dialogues between the US and China. But against the backdrop of a more challenging external environment, the latest Japanese trade and Reuters Tankan disappointed.  

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