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US Covid cases mount; UK recovery lags well behind its peers

Chris Scicluna
  • Japan’s core machine orders fall in September, with a further decline forecast in Q4.
  • Japan’s service sector activity expands solidly but goods PPI falls.
  • UK recovery lags well behind other major economies despite record Q3 growth.

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RBNZ holds cash rate & QE steady

Chris Scicluna
  • Japan’s machine tool orders show signs of stabilizing in October.
  • Australian consumer confidence rises to 7-year high in November.
  • RBNZ holds cash rate & QE steady, upgrades outlook, but announces bank funding programme.

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UK redundancies jump to record high ahead of Government wage subsidy U-turn

Chris Scicluna
  • BoJ introduces new deposit facility to support regional banks while Japan’s MoF confirms intention to compile third supplementary budget.
  • Japan’s ‘Economy Watchers’ cautiously more upbeat, but bank lending growth slows.
  • A record rise in French unemployment, but manufacturing output maintains recovery.
  • Kiwi retail spending surges in October as pandemic restrictions removed.

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Biden declared US President-elect

Chris Scicluna
  • Japan’s Reuters Tankan suggests firm growth in manufacturing
  • BoJ Consumption Activity Index rises in October; Japan leading index at 14-month high
  • China’s trade surplus widens as export growth firms, imports slow more than expected
  • German exports continue to outpace imports

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US election result still uncalled but leaning further in Biden’s favour

Chris Scicluna
  • Fed leaves policy and key messages unchanged.
  • German IP rises in September, below expectations and still down 7.3%Y/Y.
  • Japan’s labour cash earnings firmer than expected in September and real household spending rebounds in Q3.
  • RBA SMP repeats negative cash rate ‘extraordinarily unlikely’, but open to further QE.

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