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The week ahead, w/c 11 Feb

Chris Scicluna
Emily Nicol
  • A busy week ahead brings further US-China trade discussions; UK-EU talks and another House of Commons debate on Brexit; data on GDP in the UK, Germany and Japan, and inflation in the US, UK and China; and the possible return of the US government shutdown.  

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Morning comment: Japanese sentiment & wages, & more from the RBA

Chris Scicluna
Emily Nicol
Mantas Vanagas
  • A downbeat tone to Asian markets tallied with a downbeat Japanese Economy Watchers survey while the RBA offered more detail on the kind of scenarios that might prompt a rate cut this year. The latest Japanese labour earnings data broadly remained in line with the recent moderately positive trend, however, while the latest national IP reports from the euro area were a mixed bag. 

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Morning comment: Japanese consumption, German IP, Kiwi jobs, Brexit & BoE

Chris Scicluna
Emily Nicol
Mantas Vanagas
  • Some encouraging Japanese consumption data contrasted further weak German IP numbers while the latest Kiwi labour market data were a mixed bag. Looking ahead, May's Brexit talks in Brussels today will follow Corbyn's letter of offer of a deal, while the BoE's latest announcements and Inflation Report will be watched too.

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Morning comment: RBA back in neutral?

Chris Scicluna
Emily Nicol
Mantas Vanagas
  • Quiet markets overnight, except in Austalia, where further clarifications on RBA policy sent the AUD weaker and saw Aussie bonds rally. Germany's factory orders data were very much a mixed bag. 

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Morning comment: RBA not quite so dovish

Chris Scicluna
Emily Nicol
Mantas Vanagas
  • Despite a better services PMI, Japanese markets were quiet against the backdrop of national holidays across much of Asia. But despite some weak retail sales and import data, Aussie equities rallied following yesterday's Royal Commission conclusions, while the RBA gave support to the Aussie dollar and bond yields, eschewing the dovish message that many had anticipated. 

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