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Flash euro area PMIs highlight hit to services

Chris Scicluna
Emily Nicol
  • French flash October PMIs weaken more than expected on pandemic resurgence.
  • German services PMIs fall too, but manufacturing output index near 10-year high.
  • Japan’s core CPI lifts in September, annual inflation weak in part due to policy measures.
  • UK retail sales maintain steady upwards trend, but consumer confidence deteriorates.

 

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German consumers inevitably more downbeat

Chris Scicluna
Emily Nicol
  • BoJ Financial System Report suggests Japan’s financial system is stable and supportive
  • Japanese department store sales still extremely weak in September.
  • Confidence of German consumers and French services predictably hit by Covid wave.
  • After political theatrics, new more intensive round of EU-UK negotiations to start today. But more active political engagement will eventually be required to do a deal.

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UK inflation temporarily ticks higher

Chris Scicluna
Emily Nicol
  • BoJ survey points to some normalization of credit demand in Q3; credit standards ease further.
  • UK inflation ticks up a little less than expected in September on end of restaurant subsidies.
  • UK public borrowing still trending below OBR projection even as debt ratio rises to 60-year high

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Negative price pressures still in the pipeline in Germany

Chris Scicluna
Emily Nicol
  • European sentiment weighed by new anti-pandemic restrictions and Brexit amateur dramatics
  • China’s new home price inflation slows in September, existing home price inflation steady
  • Negative price pressures still in the pipeline in Germany

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China's Q3 GDP positive but misses expectations

Chris Scicluna
Emily Nicol
  • China’s GDP grows a softer-than-expected 4.9%Y/Y in Q3, but September IP/retail sales data impresses
  • Japan’s exports improve less than expected in September as European demand weighs
  • ECB and BoE make more dovish noises ahead of flash PMIs due later in the week
  • New Zealand General Election returns Jacinda Ardern as PM with clear majority

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