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An easing of (certain) political risks

Chris Scicluna
Emily Nicol
  • Hong Kong stocks rallied, BTPs made further gains, and Sterling appreciated while Gilts sold off as – for a welcome change – the political news-flow from East Asia and Europe took a turn for the better.   

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No surprises from the RBA

Chris Scicluna
Emily Nicol
  • While Asian markets were little changed today and the RBA offered no surprises at its latest policy meeting, European markets are focussed on Brexit, with UK MPs set to vote to take control of Parliamentary business from the government to try ward off no deal. 

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A pivotal week for Brexit?

Chris Scicluna
Emily Nicol
  • Asian stock markets were mixed at the start of the week, with Chinese investors perhaps relieved that the country’s August PMIs were not markedly worse than July’s, while a survey suggested that Japanese Q2 GDP might well be revised down next week. Looking ahead, the coming week could be pivotal for Brexit as MPs try to take back control, while several top-tier US data will come after the Labour Day holiday.

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Japanese consumer mood darkens

Chris Scicluna
Emily Nicol
  • While a BoJ policymaker mulled the arguments surrounding possible further monetary easing, Japanese consumer confidence fell again to its lowest level since the last consumption tax hike to foreshadow a likely weakening of GDP in Q4. Meanwhile, comments  from China’s Commerce Ministry on the trade war came too late to benefit Asia’s markets.

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End game in Rome

Chris Scicluna
Emily Nicol
  • Having rallied yesterday on hopes of an imminent deal between Italy’s Five Star and the Democrats, BTPs are only a touch weaker this morning ahead of key meetings today that will likely make up the President’s  mind whether to allow them to form a new government or call a new general election. Elsewhere, the latest German consumer survey was so-so but Australia’s construction data badly missed expectations.

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