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Macron loses parliamentary majority

Chris Scicluna
Emily Nicol
  • No take-up at BoJ’s latest JGB purchase operation as Kuroda repeats new yen mantra

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Fed hikes by 75bps as it heads towards a restrictive stance

Chris Scicluna
  • Despite intensified price pressures, the BoE is likely to hike by just 25bps today as GDP weakens and the external demand outlook clouds
  • Japan’s adjusted trade deficit hit a series high due to a surge in energy imports

 

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ECB calls emergency Governing Council meeting

Chris Scicluna
  • The PBoC eschewed a rate cut, helping the yuan to appreciate. 
  • Japan’s services data signalled the likelihood of firm GDP growth in Q2 with machine orders up sharply too. 
  • The Fed now seems bound to hike the FFR target range by 75bps later today. 

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UK labour market data were a mixed bag

Chris Scicluna
  • Softer UK labour market data suggest that weak economic activity might be starting to take its toll, with certainly no signs of a wage-price spiral
  • Drop in Japanese IP in April bigger than previously thought as China lockdowns exacerbated supply woes
  • Big rise in German inflation in May confirmed

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UK GDP declines for second month in April

Chris Scicluna
  • Will the Fed dare hike more than 50bps and the BoE dare to hike more than 25bps? And will the BoJ remain passive in the face of the weak yen?

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