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RBA cuts as German sales dip

Chris Scicluna
Emily Nicol
  • While Asian equity market momentum faded, the RBA cut rates while the BoJ's latest price Tankan inevitably suggested again that its target lacks credibility.  In Europe, while the identity of Draghi's successor is awaited, German retail sales data pointed to a weak Q2 but BTPs rallied again on news of a lower government budget deficit. 

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A downbeat Tankan

Chris Scicluna
Emily Nicol
  • After the weekend's Trump-Xi bilateral removed the tail risk of new traded barriers - at least for the time being - Asian equities rallied and UST yields rose despite a downbeat Tankan and some weak Chinese PMIs.  

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Japanese IP beats expectations (for a change)

Chris Scicluna
  • While markets were inevitably quiet as investors awaited tomorrow's Trump-Xi meeting, Japanese IP data provided a long-overdue upside surprise, while French inflation beat expectations too.  

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Japanese retail data disappoint

Chris Scicluna
  • Japanese retail sales data disappointed with only a modest gain in May, while BoJ Deputy Governor Wakatabe again signalled the BoJ's willingness to ease policy swiftly if necessary.

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German and French consumer moods

Chris Scicluna
  • Fedspeak drove markets in Asia today, with the chances of substantive easing in July downplayed to push equities and bonds lower. In the euro area, the latest surveys took stock of the moods among consumers in Germany and France, which remain on very different trajectories.  

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