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Japanese wages and UK retail survey disappoint

Chris Scicluna
Emily Nicol
  • Asian equities maintained a downward trend today, as Japanese wage data offered little cause for cheer. In Europe, a UK retail sales survey pointed to a sharp drop in spending in June. 

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Japanese orders down, but German IP & exports up

  • After a stronger US payrolls report on Friday, Asian equities started the week on the back foot, with Japanese machine orders surprising on the downside.  

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German orders plunge again

Chris Scicluna
Emily Nicol
  • Ahead of the US payroll report, the latest Japanese consumption-related data were mixed but German orders continued their woeful run to illustrate the case for further near-term ECB monetary easing. 

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Services in the spotlight

Chris Scicluna
Emily Nicol
  • Asian equity markets lost ground today as the Chinese services PMI pointed to weaker activity at the end of Q2. The global bond market rally continued as expectations for global monetary easing increased, a view likely to be supported by subdued services PMIs out of Europe today. 

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RBA cuts as German sales dip

Chris Scicluna
Emily Nicol
  • While Asian equity market momentum faded, the RBA cut rates while the BoJ's latest price Tankan inevitably suggested again that its target lacks credibility.  In Europe, while the identity of Draghi's successor is awaited, German retail sales data pointed to a weak Q2 but BTPs rallied again on news of a lower government budget deficit. 

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