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Labour (x 2), politics (x 2)

| Posted by: Paul Donovan | Tags: Paul Donovan

  • The aftermath of the resilient US labour market data last week is subdued fundamentals. The lunar new year is occupying Asia, and the rest of the world does not seem keen to give too much new information.
  • Japan's labour market is not demonstrating quite the same level of health as that of the US, with wage earnings coming in weak. This has to change if domestic demand is to shift, as the main deflation fear is around falling real incomes, not falling prices.
  • German Chancellor Merkel holds talks on the refugee crisis in Turkey. Ordinarily this would not be a focus for markets, but with investors raising questions about political stability in Germany the topic does now generate market interest.
  • Opinion polls on the UK referendum on EU membership are starting to be released with more frequency. There is still no date set for the UK vote, and UK opinion polls are not perhaps the most accurate of predictions, but the latest poll should 45% in favour of exit.