Recent Blogs




Japan and China's services PMIs consistent with falling activity

Chris Scicluna
  • Japan’s services PMI revised up in January, slightly reducing flash decline.
  • China’s Caixin services PMI slumps in January, well below expectations.
  • BTPs rally after Draghi is approached to lead new Italian government.
  • Aussie private house approvals hit record high in December.

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RBA surprises market with A$100bn extension of QE programme

Chris Scicluna
  • RBA leaves interest rate settings unchanged, as expected, but surprises market with A$100bn extension of QE programme as forward guidance remains dovish.
  • Japan’s monetary base grows 18.9%Y/Y in January, but monthly growth slowing.
  • Kiwi home prices rise 12.8%Y/Y to record high in January – fastest pace in almost 4 years.

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German retail sales fall almost 10% in December

Chris Scicluna
  • Japan’s manufacturing PMI revised up a fraction to 49.8 in January.
  • China’s official PMIs down in January, especially in the service sector where the PMI slumps to 10-month low; Caixin manufacturing PMI at 7-month low, confirming softer picture.


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French and Spanish Q4 GDP data stronger than expected; Japan's IP falls

Chris Scicluna
  • French GDP drops less than expected in Q4 while Spanish GDP actually grows.
  • Japan’s IP falls 1.6%M/M in December, but firms forecast big rebound in January.
  • Japan’s unemployment rate and jobs-to-applicant ratio holds steady in December.
  • Tokyo CPI inflation picks up a greater-than-expected 0.7ppts to -0.5%Y/Y in January; BoJ’s preferred core rises 0.2%Y/Y.

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Fed notes recent growth slowdown

Chris Scicluna
  • Japanese retail sales fall 0.8%M/M in December as pandemic weighed.
  • Australian export prices rise sharply in Q4 on metals demand.
  • Kiwi merchandise trade surplus narrows unexpectedly in December.

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