Recent Blogs




German retail sales fall almost 10% in December

Chris Scicluna
  • Japan’s manufacturing PMI revised up a fraction to 49.8 in January.
  • China’s official PMIs down in January, especially in the service sector where the PMI slumps to 10-month low; Caixin manufacturing PMI at 7-month low, confirming softer picture.


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French and Spanish Q4 GDP data stronger than expected; Japan's IP falls

Chris Scicluna
  • French GDP drops less than expected in Q4 while Spanish GDP actually grows.
  • Japan’s IP falls 1.6%M/M in December, but firms forecast big rebound in January.
  • Japan’s unemployment rate and jobs-to-applicant ratio holds steady in December.
  • Tokyo CPI inflation picks up a greater-than-expected 0.7ppts to -0.5%Y/Y in January; BoJ’s preferred core rises 0.2%Y/Y.

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Fed notes recent growth slowdown

Chris Scicluna
  • Japanese retail sales fall 0.8%M/M in December as pandemic weighed.
  • Australian export prices rise sharply in Q4 on metals demand.
  • Kiwi merchandise trade surplus narrows unexpectedly in December.

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Consumer confidence plunges in Germany, falls in France too

Chris Scicluna
  • German consumer sentiment falls sharply, French households more downbeat too.
  • UK shop price survey suggests that impact of weak demand due to lockdown more than outweighed new cost pressures from Brexit and shipping freight.
  • China’s industrial profits end last year on a strong note.

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UK payrolls edged up as Covid containment measures were briefly relaxed

Chris Scicluna
  • UK payrolls rose in December as containment measures eased but vacancies slowed.
  • Italian PM Conte to resign today but early elections still not expected.
  • BoJ December Policy Board minutes discuss adding flexibility to ETF purchases and YCC; also note importance of raising Japan’s growth potential.

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