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Despite weakening growth, UK labour market tightens further

Chris Scicluna
Emily Nicol
  • Buoyant wage growth flags likely to persuade MPC to raise rates again next month
  • Japanese tertiary activity boosted by lifting of restrictions, but still down in Q1
  • Euro area updated Q1 GDP to confirm growth of 0.2%Q/Q

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Zero-Covid strategy whacks Chinese economic activity

Chris Scicluna
Emily Nicol
  • Japan’s PPI inflation jumps to a more-than 4-decade high, as the weaker yen exacerbated imported price pressures
  • Japanese CPI inflation set to jump to 3-decade high
  • Bailey to be grilled in Parliament 

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French EU-harmonised CPI rises, while Spanish HICP bucks the trend

Emily Nicol
Chris Scicluna
  • Euro area IP data to confirm weak March but positive growth over Q1 as a whole
  • US focus today on consumer confidence and import prices

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UK GDP up slightly in Q1, but down in March

Emily Nicol
Chris Scicluna
  • UK business investment maintains post-Brexit weakness, trade deficit rises to record high as exports drop again
  • RICS survey points to strong UK house price growth as supply-demand imbalance persists
  • Supply-demand imbalance in UK labour markets continues to add upwards pressure on starting salaries
  • Japanese economy watchers see further improvement in April and point to a return to positive GDP growth in Q2

 

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BoJ consumption activity improved in March

Chris Scicluna
Emily Nicol
  • Chinese headline inflation boosted by food and energy, core CPI and PPI inflation eased
  • BoF survey points to only modest French GDP growth in Q2
  • No surprises from final German April inflation data

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