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The bulletin aims to keep you abreast of the surprises and shocks thrown up in the economic data of the world's major economies. 

Today I feature the strength of the NFIB small business optimism index, and the weakness of the JOLTS job openings survey. 

In Asia there was more evidence about two themes we've seen in the last couple of weeks; the strength of Japan's banking expansion; and the recovery of confidence in Australia's economy. 

In Europe, which was the source of most of today's shocks, we had shockingly bad trade data from both Germany and France. Does it matter? Yes it does, since the fall in net exports in 1Q was responsible for 1 percentage point of the overall 1.4% yoy fall in 1Q GDP. 



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