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ECB ignores German judges’ demands

Emily Nicol
Chris Scicluna
  • Despite a record drop in German factory orders (see below), euro area government bonds opened slightly lower, with BTPs the exception, after the ECB’s Governing Council appeared yesterday to pour cold water on the German Constitutional Court’s highly controversial ruling.

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All eyes on Karlsruhe

Emily Nicol
Chris Scicluna
  • Euro area government bonds have opened weaker reflecting uncertainty surrounding the ruling of Germany’s Constitutional Court on the ECB’s Public Sector Purchase Programme, due later this morning.

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US-China tensions up again

Chris Scicluna
Emily Nicol
  • While Japan and China were on holiday, it was a torrid start to the week for the other main Asian stock markets, with the return of US-China tensions adding to renewed pessimism about the outlook for economic recovery and corporate earnings.

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Japan’s return to deflation

Emily Nicol
Chris Scicluna
  • Given the slump in the oil price and weakening demand, advanced Tokyo CPI data for April today showed the BoJ’s forecast measure of core inflation slipping back into negative territory for the first time in three years.

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Eyes on ECB as Q1 GDP contracts at record rate

Emily Nicol
Chris Scicluna
  • Ahead of the conclusion of the latest ECB policy-setting meeting, the first estimates of Q1 GDP from a range of euro area member states this morning reported record contractions.  

 

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