MNI: CHINA JAN-FEB EXPORTS +19.2% Y/Y IN YUAN TERM: CUSTOMS

* CHINA JAN-FEB EXPORTS +19.2% Y/Y IN YUAN TERM: CUSTOMS * CHINA JAN-FEB IMPORTS +17.1% Y/Y IN YUAN TERM: CUSTOMS * CHINA JAN-FEB TRADE SURPLUS +CNY1.50 TRLN: CUSTOMS

MNI: CHINA JAN-FEB EXPORTS +21.8% Y/Y VS MEDIAN +7.1% Y/Y: CUSTOMS

* CHINA JAN-FEB EXPORTS +21.8% Y/Y VS MEDIAN +7.1% Y/Y: CUSTOMS * CHINA JAN-FEB IMPORTS +19.8% Y/Y VS MEDIAN +6.1% Y/Y: CUSTOMS * CHINA JAN-FEB TRADE SURPLUS +$213.6 BLN VS MEDIAN +$179.6 BLN

AUSTRALIA DATA: NAB Business Confidence Dips, But Conditions Unchanged

The Feb NAB business survey showed a reasonable dip in confidence, from a revised +4 in Jan, we have fallen to -1. This is the lowest read for confidence since March last year. This may reflect concern around the Iran war and spill over to energy prices/global growth outlook etc. Still, the business conditions index was unchanged at +7 though. The chart below plots the conditions index (the white line) versus Australian GDP y/y, with today's NAB update suggesting little change to the outlook. * In terms of the detail, the exporters' sales fell to -1, from 4, while forward orders rose to 6 from 2. The Capex outlook also rose, while most other sub indices weren't too different from the Jan read. * The labor cost index rose to 1.5% from 1.2%, while capacity utilization was at 82.8%, unchanged from the Jan read. Fig 1: Australia NAB Business Conditions Versus Australia GDP Y/Y Source: Bloomberg Finance L.P./MNI

JAPAN DATA: Q4 GDP Revisions Positive, HH Spend Weaker But Wages Rising

Japan data outcomes have been mixed, but on balance better than forecast. The Jan household spending outcome was -1.0%y/y, against a +2.4%y/y forecast (-2.6%y/y was the Dec outcome). Still, Q4 GDP revisions were better than forecast. Annualized q/q growth rose 1.3%, versus 1.0% forecast. Consumption was revised up to a 0.3%q/q gain (0.1% was forecast), while business spending grew by 1.3% (1.1% was the forecast). The inventory drag was slightly larger at -0.3ppts, (-0.2ppts projected), while the net exports contribution remained flat (as forecast). * The positive capex revision was expected, but came in above market expectations, while the consumption revision will also be welcome. This points to a reasonable base for 2026 growth to continue from. * The Jan household spending outcome was below expectations, but yesterday's labor earnings data, which showed firm real earnings growth, suggests a supportive outlook, particularly ahead of expected further negotiated wage increases. The chart below plots the household spending outcome versus labor earnings. Fig 1: Japan Household Spending & Real Labor Earnings Y/Y Source: Bloomberg Finance L.P./MNI