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Japan’s goods PPI rises above expectations; Tokyo office vacancies continue to rise

Chris Scicluna
  • ECB likely to keep pace of asset purchases little changed from past quarter, but precise wording will be closely watched.
  • Italian IP data to come after France posts modest drop in production on auto sector weakness as supply bottlenecks continue to bite.
  • UK’s RICS housing survey flags continued price pressures due to shortage of supply.

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China’s PPI inflation rises to a 13-year high

Chris Scicluna
  • Japan’s annual money growth slows in May as last year’s liquidity surge drops out of the calculation.
  • China’s PPI inflation rises to a 13-year high in May, but consumer price inflation remains subdued with the core CPI rising just 0.1%M/M and 0.9%Y/Y.
  • German exports subdued at start of Q2, remaining below pre-pandemic level as supply bottlenecks act as restraint.

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Japan’s Q1 GDP contraction revised down

Chris Scicluna
  • Japan’s labour cash earnings increase 1.6%Y/Y in April.
  • Japan’s Economy Watchers Survey reports slightly weaker current conditions in May, but a markedly improved outlook for coming months.
  • Japan’s bank lending growth slows to 2.9%Y/Y in May.
  • German IP drops in April as supply fails to keep pace with demand.
  • UK’s BRC retail survey signals another strong month for sales in May.

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German factory orders and turnover data disappoint

Chris Scicluna
  • BoJ consumption activity index falls 0.8%M/M in April.
  • China’s export growth slows a little more than expected in May, but higher commodity prices help lift import growth.
  • Despite firm external demand, German factory orders and turnover data for April disappoint, suggesting impact from supply bottlenecks.

 

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Japan’s household survey reports surprise lift in spending

Chris Scicluna
  • Japan’s household survey reports a surprising – albeit small – lift in spending in April.
  • UK car registrations still well on levels two years earlier in May despite sharp year-on-year rebound.
  • Australian home loans rise 3.7%M/M in April to new record high.

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