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Japan’s goods PPI inflation rises to near-7-year high

Chris Scicluna
  • Japan’s goods PPI inflation beats expectations rising to near-7-year high in April thanks to higher commodity prices and weaker yen.
  • China’s domestic activity growth slows more than expected in April, especially retail sales, but urban unemployment rate falls to 16-month low of 5.1%.
  • Flash PMIs, due Friday, are the pick of the week’s euro area data and should be upbeat as the pandemic ebbs, vaccine progress is firm, and reopening resumes in France and some German states.
  • Busy week ahead in the UK with inflation, labour market and retail sales data due as reopening continues.

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Japan’s money growth slows further

Chris Scicluna
  • Japan’s broad money growth slows further in April as base effects begin to unwind.
  • Account of April ECB policy meeting and final Spanish CPI due in the euro area.
  • Attention in the US turns to activity data, with April retail sales and IP reports to cast light on growth momentum early in Q2.

 

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Japan’s Economy Watchers Survey points to sharply weaker conditions

Chris Scicluna
  • As Kuroda acknowledges downside risks from pandemic and readiness of BoJ to act again if necessary, Japan’s Economy Watchers Survey points to sharply weaker conditions in April, with little improvement expected in the near term.
  • Japan’s bank lending growth slows in April; Tokyo office vacancy rate rises to almost 7-year high but corporate bankruptcies remain very low.
  • China’s credit and broad money growth slows more than expected in April.

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Japan's consumer spending to weigh on Q1 GDP

Chris Scicluna
  • BoJ real Consumption Activity Index rises 1.3%M/M in March but down 1.5%Q/Q in Q1.
  • Japan’s leading index rises to a 7-year high of 103.2 in March.
  • UK Q1 GDP meets expectations with 1.5%Q/Q drop, but March figures stronger than expected pointing to strong rebound in Q2.

 

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China’s CPI inflation lifts as non-food prices increase

Chris Scicluna
  • Japan’s household spending rebounds over 7%M/M in March, but still down sharply in Q1.
  • China’s CPI inflation increases to 0.9%Y/Y in April, slightly below market consensus, but PPI inflation exceeds expectations rising to 3-year high of 6.8%Y/Y.
  • UK BRC predictably reports sharp rebound in retail sales on reopening of non-essential stores.

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