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The space looks through soft Q4 Capex data, with a risk-off impulse already in play on the back of heightened worry re: an imminent Russian invasion of Ukraine (see earlier bullets for more on that). YM & XM +2.5 at typing , a touch shy of best levels.

  • Within the Capex dataset we note that even as the headline missed, the ABS flagged that the first estimate for 22/23 Capex is 10.8% higher than estimate 1 for 21/22 (pointing to a post-COVID bump in investment).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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