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Japan's overseas visitors rebound, but euro car registrations slump

Emily Nicol
Chris Scicluna
  • Asian equities made very modest losses despite further threats from US President Trump to increase tariffs on a wider range of imports from Japan. Overseas visitors to Japan jumped in June and tourist spending was stronger in Q2. But euro area car registrations slumped in June.

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RBA minutes leave further easing on the table

Chris Scicluna
Emily Nicol
  • Aussie government bonds made gains today as the RBA minutes reaffirmed our expectation of a further policy easing before year-end. Looking ahead, the most noteworthy data will be the UK labour market and US retail sales and IP reports. 

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China's Q2 GDP growth slowest in 27 years

Chris Scicluna
Emily Nicol
  • While China's GDP growth in Q2 was the slowest in 27 years, monthly activity figures suggested a modest recovoery at the end of the quarter, which provided very much support to Asian equities. 

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A nasty Singapore surprise

Chris Scicluna
  • Ahead of the Chinese trade report, Asian equity markets were somewhat mixed after a downwards revision to Japan’s May IP report and Singapore’s GDP data surprised significantly on the downside.

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Upwards surprise to German CPI ahead of ECB account

Chris Scicluna
Emily Nicol
  • Asian equities were supported by Powell's testimony to Congress, reinforcing market expectations for a Fed rate cut later this month. Ahead of the ECB's account, this morning brought an upside surprise to German CPI. 

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