Japanese data for machinery orders and PPI

November Machine orders

-5.1% m/m

  • expected -1.4%, prior +4.1%
  • largest decline since April 2016
  • Not a positive sign for capex intentions (its regarded as an indicator of capital expenditure in the coming six to nine months)

+10.4% y/y

  • expected % +8.1%, prior -5.6%

And PPI for December

0.6% m/m

  • expected 0.4%, prior 0.4%

-1.2% y/y

  • expected -1.4%, prior -2.2%