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China's Q4 GDP growth beats expectations

Chris Scicluna
  • China’s GDP grows 6.5%Y/Y in Q4, above market; IP much stronger than expected in December, but retail sales and capex fall short of expectations.
  • Japan’s IP revised to a modest decline in November; Reuters Tankan points to improved manufacturing conditions in January, but service sector conditions weaken.

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Biden announces coronavirus relief package; UK GDP contracts in November

Chris Scicluna
  • Japan’s service sector activity contracts unexpectedly in November.
  • China’s home price inflation moderates; PBoC retains 1-mth MLF rate at 2.95%.
  • UK GDP falls 2.6%M/M in November amid Covid-19 restrictions.
  • Aussie housing loan approvals rise to record high; Kiwi house sales surge.

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Italian politics back in crisis after Renzi withdraws support for government

Chris Scicluna
  • Japan’s core machine orders rise unexpectedly to a 9-month high in November; goods PPI lifted by higher fuel and metals prices; BoJ Regional Economic Report mixed.
  • China’s trade surplus hits record high in December as both exports and imports beat expectations.
  • Kiwi dwelling approvals increase to new record high November.

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Japan’s machine tool orders firm at end-year

Chris Scicluna
  • Japan’s machine tool orders up 8.7%Y/Y as foreign orders rebound.
  • Chinese credit growth slows in December as the economy normalizes.
  • Central bank signals improvement in French economy at end-2020.
  • Future of Italian government still in balance.
  • Australian job vacancies recover further to record high in Q4.

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Japan’s Economy Watchers current conditions index declines sharply

Chris Scicluna
  • Japan’s Economy Watchers current conditions index declines sharply in December, but outlook index stabilizes; bank lending growth steady in December.
  • Australian consumer confidence steady in early January, but attitudes to spending improve.
  • BRC and Barclaycard data point to soft end to 2020 for UK retail sales.

 

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