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Over to Abe

Emily Nicol
Chris Scicluna
  • Ahead of the key Eurogroup videoconference to agree common pandemic crisis support, PM Abe will declare emergency in seven prefectures and unveil his fiscal support package. The headline figure of more than ¥100trn will seek to impress. But the size of direct government support to the economy might be better judged by the increase in new JGB issuance, which will be less than one fifth that amount.

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Abe’s package firming up

Emily Nicol
Chris Scicluna
  • As Abe put the finishing touches to his fiscal support package, and also prepared to declare an emergency in seven prefectures, risk appetite responded positively to some better weekend news on the spread of Covid-19.

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Services PMI signal significant slump

Emily Nicol
Chris Scicluna
  • The March services PMIs point to a significant contraction as the coronavirus crisis hit activity in the sector, with close attention paid to the impact on Italian and Spanish services in particular. And after yesterday’s shocking US jobless claims figures, focus later today will turn to the latest payrolls report.

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Pain ahead

Emily Nicol
Chris Scicluna
  • The latest BoJ Tankan, final PMIs and Donald Trump all signalled pain ahead. And Asian markets reflected that pessimism, with stocks and major bond yields down across the board.

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Chinese PMIs beat expectations

Emily Nicol
Chris Scicluna
  • China’s March PMIs rose back above the key 50 level. And ruling-party thinking for Japan’s forthcoming bumper fiscal package started to crystallise. But markets were not wholly impressed.

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