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Services PMIs provide mixed messages

Emily Nicol
Chris Scicluna
  • While the Chinese services PMIs suggested a notable improvement in May, the Japanese survey continued to signal significant contraction. And Australian Q1 GDP confirmed the first contraction since the global financial crisis.

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No surprises from the RBA

Chris Scicluna
Emily Nicol
  • With Australian GDP contracting at the sharpest rate since the 1930s, the RBA played it safe and left its yield curve control policy unchanged even though the government has been able to ease restrictions sooner than the Bank feared.

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ECB and US payrolls on the docket

Chris Scicluna
Emily Nicol
  • At the start of a week which will bring the latest ECB policy announcement and US labour market report, Asian financial markets have started the week in upbeat mood despite escalating unrest in the US.  Data-wise, some stronger-than-expected capital spending figures from Japan contrasted very weak car sales numbers from the same country and France.

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BoJ ups support for SMEs

Chris Scicluna
Emily Nicol
  • While the BoJ unveiled details of a new funds-supplying facility to support lending to SMEs, and extended its period of increased corporate bond purchases through to next spring, risk appetite was thin on the ground in Asia following news of the China’s plans to impose national security legislation on Hong Kong.

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PMIs point to modest improvement

Emily Nicol
Chris Scicluna
  • While the flash Japanese and Aussie PMIs posted a modest improvement in conditions in May, the surveys still imply an extreme drop in economic output in the middle of Q2. And we would expect the flash PMIs from Europe and the US to report a similar message.

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