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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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No surprises from the RBA

Chris Scicluna
Emily Nicol
  • With Australian GDP contracting at the sharpest rate since the 1930s, the RBA played it safe and left its yield curve control policy unchanged even though the government has been able to ease restrictions sooner than the Bank feared.

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