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<p>RBA Governor Philip Lowe said together that “restoring confidence on the health front is a precondition for a strong recovery. “We might get a vaccine, we might get some anti-viral medication, but it’s also possible that we don’t. So we have an incredible lot riding on the work of the scientists.” Looking ahea

<p>UK PMI Manufacturing rose to 40.6 in May, up from 32.6, above expectation of 33.5. PMI Services rose to 27.8, up from 13.4, above expectation of 22.1 too. PMI Composite rose to 28.9, up from 13.8. Chris Williamson, Chief Business Economist at IHS Markit, said: “The UK economy remains firmly locked in an unprecedented downturn, [&hell

<p>Eurozone PMI Manufacturing rose to 35.4, up from 18.1, below expectation of 38.0. PMI Services rose to 28.7, up from 12.0, above expectation of 23.9. PMI Composite rose to 30.5, up from 13.6. Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone saw a further collapse of business activity in May but the [&helli

<p>Germany PMI Manufacturing rose to 36.8 in May, up from 34.5, but missed expectation of 40.0. PMI Services rebounded strongly to 31.4, up from 16.2, beat expectation of 26.0. PMI Composite rose to 31.4, up from 17.4. Phil Smith, Principal Economist at IHS Markit said: “Any hopes of a swift pick-up in activity across the […]

<p>France PMI Manufacturing improved to 40.3 in May, up from 31.5, above expectation of 40.3. PMI services rebounded notably to 29.4, up from 10.2, just missed expectation of 30.0. PMI Composite rose to 30.5, up sharply from 11.1. Eliot Kerr, Economist at IHS Markit said: “As anticipated, the latest France Flash PMI results pointed to [

<p>PMI Manufacturing dropped to 31.7 in May, down from 34.7. PMI Services recovered to 25.3, up from 21.5. PMI Composite recovered to 27.4, up from 25.8. Joe Hayes, Economist at IHS Markit, said latest data provide “yet another shocking insight into the devastating impact of the COVID-19 outbreak”. “Plummeting demand for goo

<p>In non seasonally adjusted term, Japan’s export dropped -21.9% yoy in April to JPY 5.2T. That’s the worst decline since 2008. Exports to US dropped a massive -37.8% yoy, worst since 2009. Exports to China dropped -4.1% yoy. Imports dropped -7.2% yoy to JPY 6.1T. Trade surplus came in at JPY 930B. In seasonally adjusted [&hellip

<p>The FOMC minutes for the April meeting revealed that the members were very much concerned about the job market and inflation outlook as a result of the coronavirus pandemic. While leaving the Fed funds rate unchanged at 0-0.25%, the members also maintained QE. The minutes revealed that “several” members proposed to make asset purchases a [

<p>PBOC this morning announced to leave the loan prime rate (LPR) unchanged at 3.85%. While this had been widely anticipated, it should not be interpreted as a signal of unwinding monetary stimulus. We believe the pause allows the central bank some time to assess the impact of previous easing measures on the economy. Despite upside […]

<p>Crude oil prices continued to climbed higher. The front-month WTI contract has strengthened for six consecutive days. The latest catalyst is another week of surprising decline in US inventory. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose 5.04 mmb to 1