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Brexit breakthrough?

Chris Scicluna
Emily Nicol
  • While market sentiment in Asia was buoyed on modest signs of a constructive outcome to today’s US-China trade talks, sterling remained firm on hopes of a Brexit breakthrough in Brussels later today. Meanwhile, a BoJ survey cast light on Japanese household behaviour either side of last week’s consumption tax hike.

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Trade-talk noise dominates as machine orders wilt

Emily Nicol
Chris Scicluna
  • While bonds were anchored by the latest FOMC minutes, speculation about what might emerge from the resumption of US-China trade talk drove Asian equities while the latest Japanese machine orders data disappointed.  

 

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Powell confirms Tbill purchase plans

Emily Nicol
Chris Scicluna
  • While Jay Powell’s latest commentary on Fed policy was being digested in the UST market, Asian equities fared better than might have been expected given yesterday’s late rout in the US. But Australian stocks fared worse than most as consumer confidence fell to a four-year low.

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Japan consumption strengths, but outlook uncertain

Emily Nicol
Chris Scicluna
  • Japan’s consumption activity jumped ahead of October’s tax hike, but the near-term outlook remains downbeat with the government downgrading its assessment of conditions to ‘worsening’. A week dominated by European manufacturing releases got off to a weak start with German orders suggesting the adverse trend in the sector continues. And politics and geopolitics seems likely to be to the fore this week, with the US/Chinese trade and UK/EU Brexit negotiators set to continue discussions.

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Services PMIs signalling subdued conditions

Emily Nicol
Chris Scicluna
  • There were no surprises from Japan’s final services PMIs which suggested steady growth in activity at the end of Q3, but pointed to weakness ahead. Much focus will be on the US non-manufacturing ISM later today in light of the disappointing manufacturing survey earlier this week,  and the European PMI surveys seem likely to point to very weak conditions at the turn of the quarter.

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