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Fed leaves policy unchanged

Chris Scicluna
  • Fed leaves policy settings unchanged, more positive on the economy and more sanguine regarding downside risks, but reiterates patient approach to removing accommodation.
  • President Biden unveils $1.8trn American Families Plan to boost education and social security spending, paid for by higher taxes on high income earners and the wealthy.

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Japanese retail sales rebound further

Chris Scicluna
  • Japanese retail sales rise 1.2%M/M in March, thanks to favourable base effects.
  • German consumer confidence softens, French sentiment steady but subdued.
  • Survey suggests that UK retail prices remained under downward pressure in April.
  • FOMC, President Biden’s unveiling of his American Families Plan, advance trade data and a plethora of Q1 corporate earnings reports make for a very busy day in the US.

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BoJ leaves policy settings unchanged

Chris Scicluna
  • BoJ leaves policy settings unchanged, as expected, lifts growth forecasts slightly but cuts near-term inflation outlook due to expected impact of lower mobile phone charges.
  • China’s industrial profits rebound 92.3%Y/Y in March flattered by base effects, but up 21% from two years earlier.

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Japan’s services producer prices rise

Chris Scicluna
  • The BoJ’s Board meeting and updated forecasts come Tuesday (policy very likely unchanged), while a busy Friday will bring news on IP, the labour market, construction, consumer sentiment and the advance Tokyo CPI.
  • In the euro area, Q1 GDP and April inflation readings to command greatest attention.
  • Wednesday’s FOMC meeting – policy almost certainly unchanged but commentary more upbeat – to be following by the advance Q1 GDP report on Thursday and core PCE deflator on Friday.

 

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UK retail sales surge ahead of expectations

Chris Scicluna

 

  • Japan’s flash composite PMI nudges higher in April as manufacturing conditions improve further.
  • Japan’s nationwide department stores sales rise 21.8%Y/Y, flattered by base effects.
  • Japan’s CPI provides no surprises in March with core inflation inching higher.

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