We had the escalation headlines on the trade war earlier, in summary: (while that is a key point, do not miss this though: – ) Since those we’ve had data from ozzAustralia and China:
Falls for both services and composite PMIs from Caixin / Markit for China in March Services 52.3 … big miss indeed… yes, expansion still, and at the slowest pace for four months
Australian retail sales data has been mixed in past months, but not uniformly dreadful as it was prior to that A big beat today, coming in at +0.6% – expected +0.3%, and prior +0.2%, revised higher from 0.1%
Australian building approvals data for February -6.2 % m/m … miss – expected -5.0% m/m, prior +17.1% -3.1 % y/y – expected +0.3% y/y, prior +12.0% Trend measures show building approvals falling modestly but are staying around a very high level
Here is the latest on the US China trade war … a list of great band names in the 58-page list of Chinese products targeted for US import tariffs! This cracked me up!
The US announced its list of proposed tariffs earlier, prompting a swift response from China …. As it unfolded: The key point in all this was China’s Commerce ministry threat/promise to respond with
This is a useful graphic on Asian market manufacturing PMIs via ANZ, adding that: Yes, not a positive sign.
Nikkei / Markit PMis for March, showing the slowest Services expansion for 17 months Commenting – Joe Hayes, Economist at IHS Markit:
This is the private survey of inventories for crude, gasoline etc. – The data is available only to subscribers to the private company – But the data does hit the media in the minutes following Reuters polling on expectations for the latest survey had an expected build of 1.7 m barrels for the headline. Other…
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