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"…but when I am bad, I am better"

| Posted by: Paul Donovan | Tags: Paul Donovan

  • OPEC agreed to extend its production cuts, but this appears to have disappointed markets a little. The oil price has moderated – not enough to have any real economic significance.
  • US President Trump reportedly declared the German nation to be "bad, very bad" over trade. Germany might retort that it is just better at making things people want to buy. Trump's son-in-law is reportedly being investigated as part of the Russian question. The Montana special election saw a Republican win, with a reduced margin.
  • Those ever-reliable predictors of the future, the opinion polls, have shown a drop in the UK Conservative Party's lead (to five or eight points). Sterling has weakened a little on evidence of a tighter race; at the start of the campaign, the margin was closer to 20 points.
  • Japanese consumer prices were positive for the fourth month in a row, but Japanese consumers already think inflation is far higher than it actually is. US first quarter GDP is due to be revised. The only thing economists can say with certainty about the first quarter is that the initial data was wrong, but markets react more strongly to initial releases than to revisions.