04 January 2021
Chris Scicluna
- apan: Labour market improves unexpectedly in November, but IP flat, retail sales fall more than expected and construction data soft. Food prices weigh on Tokyo CPI.
- China: Official PMIs soften slightly in December, but pricing indices notably firmer. Industrial profits continue to rise in November.
- US: Economic data generally point to waning forward momentum in Q4, with personal spending and housing indicators weakening in November. Durable goods orders continue to recover, however.
- Australia: Retail sales surged in November, as did imports, but credit growth remained weak.
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21 December 2020
Chris Scicluna
- Japan’s initial FY21 budget confirmed at record ¥106.6trn.
- PBoC leaves China’s prime lending rates left unchanged.
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18 December 2020
Chris Scicluna
- BoJ’s preferred core CPI measure falls 0.3%Y/Y in November.
- We maintain expectation that Brexit deal is likely to be near despite UK statement that negotiations are now “in a serious situation”, which smacks of tactics.
- UK retail sales fell less than expected in November, consumer confidence firms.
- Kiwi consumer and business sentiment improves further in December.
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17 December 2020
Chris Scicluna
- Aussie employment up 90k in November, driving unemployment rate down to 6.8%.
- Euro area new car registrations down 12.5%Y/Y and 26.1%YTD/Y in November.
- Kiwi GDP rebounds 14.0%Q/Q in Q3, above market and erasing pandemic decline.
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16 December 2020
Chris Scicluna
- Japan’s trade surplus widens as forecast in November; both exports and imports weaker than expected but BoJ estimates point to further growth in real terms.
- Japanese PMIs mixed in December – manufacturing PMI firms, but services PMI falls.
- UK inflation surprises significantly on the downside.
- French retail sales down by about one quarter last month.
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