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BoJ’s JGB holdings surge

Chris Scicluna
Emily Nicol
  • The BoJ’s estimates of underlying price pressures suggested a further broadening at the end of last year
  • Germany’s GfK survey suggested consumers were more optimistic about the outlook 
  • French flash PMIs reported improvement in manufacturing but slight softening in services, but French INSEE survey reported a deterioration in wholesale trade and construction conditions
  • In the UK, public finance figures reported record borrowing in December

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BoJ’s first five-year special loan operation saw solid demand

Chris Scicluna
Emily Nicol
  • Hawkish commentary from ECB policymakers continued, with Dutch National Bank Governor Klaas Knot again signalling his desire for two ECB 50bps hikes this quarter
  • Flash PMIs the week's data highlights in the euro area and UK
  • First estimate of US Q4 GDP (Thursday) is expected to report respectable growth; December’s PCE deflators and spending figures also due (Friday)

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UK retail sales fare worse than expected

Chris Scicluna
Emily Nicol
  • Japanese inflation rose in December to 4%Y/Y, the highest since 1991 and double the BoJ’s 2% target
  • German PPI inflation fell sharply again in December 

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Japan’s goods trade deficit narrowed

Chris Scicluna
Emily Nicol
  • RICS survey pointed to significant negative momentum in the UK residential property market
  • As ECB hawk Klass Knot called for “multiple 50bps hikes”, focus in the euro area will be on the ECB account from the December policy-setting meeting
  • US housing starts are expected to have fallen in December

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BoJ defies market pressures

Chris Scicluna
Emily Nicol
  • Japanese machine orders fell sharply in November
  • UK inflation fell for a second successive month in December, but core CPI remains sticky
  • Final euro area inflation figures likely to confirm a drop in the headline rate in December

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