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No surprises from the BoJ

Chris Scicluna
Emily Nicol
  • The BoJ left all policy settings unchanged today and maintained a positive outlook.
  • The PBoC left its prime loan rates unchanged for a 17th consecutive month.
  • In the US, the clear focus will be on the FOMC statement, updated projections and Jay Powell’s press conference.

 

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UK public borrowing higher than expected in August

Chris Scicluna
Emily Nicol
  • UK public borrowing bigger than expected in August but still trending well below OBR forecast to suggest room for manoeuvre at next month’s Budget.
  • RBA Board minutes contain no surprises.
  • Kiwi rates market prices out risk of 50bp rate hike following a speech by the RBNZ’s Hawkesby.

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BoJ, Fed and BoE meet this week

Chris Scicluna
  • This week’s Japanese diary is highlighted by the BoJ’s policy meeting on Wednesday and flash September PMIs and August CPI reports on Friday.
  • In the UK the main focus will be Thursday’s BoE MPC meeting and the flash PMIs and sentiment data for September. Euro area flash PMIs will also be published.
  • In the US, the focus will be on Wednesday’s FOMC meeting.

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UK retail sales fall for fourth successive month

Emily Nicol
Chris Scicluna
  • Seiko Noda throws her hat into the ring to be the next LDP leader, somewhat complicating the outcome of the election.
  • Euro area final inflation figures set to confirm jump in headline and core measures in August.
  • New Zealand’s manufacturing PMI plunges 22.1pts to 40.1 in August as the lockdown weighs, but a resilient employment index suggests firms remain positive.

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Japan records an unexpected trade deficit in August

Chris Scicluna
Emily Nicol
  • Aussie unemployment rate unexpectedly declines to 4.5% in August.
  • Kiwi GDP jumped 2.8%Q/Q in Q2 – quadruple the RBNZ’s estimate – led by a surge in services exports following the opening of the (now suspended) travel bubble with Australia.

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