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Surge in spending in Japan as wages tick higher

Emily Nicol
  • Japanese consumption-related data showed a sizeable jump in spending in September as households brought forward purchases of big-ticket items ahead of October’s consumption tax hike. And there was a rare upside surprise to the latest Japanese wage figures at the end of Q3.

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Japanese sentiment slumps

Emily Nicol
  • While global sentiment will no doubt get a boost by today’s report that the US and China will agree to roll back some tariffs as part of its phase one trade deal, the latest Japanese Reuters Tankan offered a markedly weaker assessment of business conditions in the middle of Q4. And while the BoE is expected to keep interest rates on hold, the MPC is likely to emphasise that downside risks remain to the fore.

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Final PMIs signals post-tax hike slump in Japan

Emily Nicol
  • Japan's final services and composite PMIs were disappointing, with downwards revisions implying a steeper pace of contraction at the start of Q4. While the euro area's services PMI looks set to confirm still weak conditions in October, today's German factory orders offered a rare upside surprise. 

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RBA on hold, but prepared to do more

Emily Nicol
  • There were no surprises from the RBA's monetary policy meeting, with rates left unchanged at a record low. But with risks to the growth and inflation outlooks skewed to the downside, the Bank is 'prepared' to ease policy further. 

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The week ahead

Emily Nicol
  • While Asian stocks started the week on the front foot, sentiment surveys due this week are likely to signal ongoing sluggish business conditions at the start of Q4. This notwithstanding, the conclusion of the BoE (Thursday) and RBA (Tuesday) policy setting meetings are expected to see interest rates left unchanged. 

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