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Japan's trade deficit widest level since Covid shock

16 March 2022

Chris Scicluna
, 
Emily Nicol
  • Today's FOMC announcements seem bound to bring the first Fed rate hike since 2018, with the target range highly likely to be increased by 25bps to 0.25-0.50%.
  • Japanese manufacturers were a touch more upbeat about current conditions as supply constraints faced by autos firms eased slightly, but services were net pessimists.

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UK labour market tightened further

15 March 2022

Chris Scicluna
, 
Emily Nicol
  • China’s industrial production, fixed investment and retail sales figures pointed to a much firmer first two months of the year for economic activity; so, the PBoC left its medium-term lending facility rate unchanged today at 2.85%.
  • In the euro area, today’s German ZEW investor survey seems bound to record a marked deterioration in sentiment since the Russian invasion as concerns about prices of energy, commodities and supply-chain disruption mounted.

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Monetary policy decisions dominate the week ahead

14 March 2022

Chris Scicluna
, 
Emily Nicol
  • Beyond events in Ukraine and Russia, the week will be dominated by monetary policy decisions with the Fed on Wednesday set to raise interest rates for the first time this cycle.
  • Thursday will likely see the BoE raise Bank Rate for the third consecutive meeting, but PBoC policy easing possible (tomorrow).
  • With Japanese GDP set to contract again this quarter and underlying inflation far softer, BoJ expected to leave its ultra-accommodative policy parameters unchanged (Friday).

 

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UK GDP beats expectations at start of 2022

11 March 2022

Chris Scicluna
, 
Emily Nicol
  • Japanese data flag weakness of household spending and deterioration in overall business conditions at the start of the year
  • After the ECB’s policy announcements suggested the hawks have the upper hand for now, EU leaders failed to agree yesterday evening how to reduce dependence on Russian natural gas.
  • The rise in German inflation in February, due largely to higher prices of energy and food, was confirmed this morning.

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ECB to note marked deterioration in outlook for inflation and growth

10 March 2022

Chris Scicluna
, 
Emily Nicol
  • Beyond events in Ukraine, the ECB’s policy announcement is key for European markets today.
  • The main data event today is the US CPI report for February, with another sizeable increase in prices on the month set to push the annual headline rate closer to 8%.
  • Japanese PPI beats expectations, rising to 40-year high.
  • UK surveys signal ongoing significant tightness of labour and residential property markets.

 

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