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German IP weak as supply bottlenecks pinch

Emily Nicol
  • Japan’s labour cash earnings were much weaker than expected and job numbers flat
  • German IP numbers disappointed as supply bottlenecks continued to weigh on production
  • RBA Governor Lowe noted the Board considered deferring the QE taper, but judged the near-term benefit to be small, with fiscal policy better placed to respond to the hit in incomes

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BoE meeting in focus

Chris Scicluna
Emily Nicol
  • BoE set to leave all policy settings unchanged today, with forecasts likely to underscore transitory nature of rise in inflation; news on strategy for tightening, including balance between rates and reversing QE, might also be forthcoming
  • German factory orders rebound strongly in June to point to continued firm demand for goods despite ongoing supply-chain struggles; French IP also up at end-Q2; but UK car sales are again soft

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Japan’s services PMI revised up; China’s Caixin PMI rebounds

Chris Scicluna
Emily Nicol
  • Australian retail sales confirmed to have declined 1.8%M/M in June due to lockdowns.
  • Kiwi employment rises a strong 1.0%Q/Q in Q2, lowering the unemployment rate by 0.6ppts to 4.0%; private labour costs rise 0.9%Q/Q – the most in 13 years.

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Tokyo headline CPI inflation slightly weaker than expected

Chris Scicluna
  • RBA surprises local commentators, leaving all dimensions of its policy unchanged.
  • RBNZ announces that it is moving forward with plans to further tighten macro-prudential policy settings in light of continued increases in house prices.

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Japan's manufacturing PMI revised up

Emily Nicol
  • Japan’s consumer confidence edges higher in despite a record virus outbreak.
  • China’s official PMIs weaken in July, with the manufacturing PMI falling to a 17-month low of 50.4.
  • The BoE’s MPC meeting will be the main focus in the UK this week.

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