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Eyes on ECB as Q1 GDP contracts at record rate

Emily Nicol
Chris Scicluna
  • Ahead of the conclusion of the latest ECB policy-setting meeting, the first estimates of Q1 GDP from a range of euro area member states this morning reported record contractions.  

 

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French consumers decidedly downbeat about outlook

Chris Scicluna
Emily Nicol
  • Japanese labour market figures flagged some initial weakening at the end of Q1, while French consumers were decidedly downbeat about the outlook at the start of Q2 after yesterday's jobseekers figures reported a record jump in March.

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No limits at the BoJ

Emily Nicol
Chris Scicluna
  • Ahead of the coming week’s policy announcements from the Fed and ECB, the BoJ matched the Fed’s commitment to buy JGBs as necessary without limits, while also increasing its purchases of corporate bonds and commercial paper above expectations.

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Record fall in sales in March

Emily Nicol
Chris Scicluna
  • As policymakers in the major economies continued to bolster their economic support measures, a record decline in Japanese department store sales and UK retail sales illustrated the significant hit to domestic demand at the end of Q3.

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PMIs slump to extreme lows

Emily Nicol
Chris Scicluna

 

  • While the ECB’s announcement of another round collateral easing measures gave a boost to risk appetite overnight, the economic dataflow remained highly negative, with the flash Japanese April PMIs declining to record lows and signalling that activity had fallen off a cliff at the start of Q2. A similar outcome is likely in Europe and the US too.

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