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Japan's flash PMIs highlight the new pandemic hit to services

Chris Scicluna
Emily Nicol
  • All eyes won the FOMC and Powell's press conference for clues on policy outlook.
  • Japan’s flash PMIs predictably signalled a hit to services activity in the New Year due.
  • In the euro area, today’s flash PMIs will also flag the hit to services; Q4 GDP estimates (Friday) from Germany, France and Spain to report a sharp slowdown in growth.

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UK retail sales plunge in December

Chris Scicluna
Emily Nicol
  • While headline Japanese inflation rises to a 3-year high, the data miss expectations with no increase in core measures and new pressures limited to food prices.
  • UK retail sales drop much further than expected in December. as Omicron, high inflation, supply shortages and deteriorating confidence bite.

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German PPI smashes records to flag upside risks to CPI

Chris Scicluna
Emily Nicol
  • Japanese exports slip back in December but so do imports, so net trade likely boosted GDP growth in Q4.
  • INSEE survey reports adverse impact of pandemic wave on French service sector at start of 2022.
  • Account of ECB’s December policy meeting to flag the range of views on the Governing Council about the policy outlook.

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UK inflation data strengthen case for BoE rate hike next month

Chris Scicluna
Emily Nicol
  • UK headline and core CPI up to the highest rates in 30 years amid broad-based price pressures; English coronavirus restrictions to be eased.
  •  Fall in German HICP inflation in December confirmed.

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BoJ slightly more upbeat but inevitably leaves policy unchanged

Chris Scicluna
Emily Nicol
  • UK labour market data indicated another solid rise in payrolled employees in December despite the rise in coronavirus cases.
  • Bank of France retail survey suggested a drop in sales in Q4 despite solid growth in December.

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