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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Retail sales increased 0.1% M/M in June, a small upward revision from the advance estimate of 0.0%, although with the gloss taken off by May’s downward revised 0.1 (prior 0.2).
- However, as opposed to the expected resilience in ex-auto sales, they surprisingly fell -0.8% M/M (cons 0.3) along with a downward revised -0.3% (initial 0.0). This was repeated in the “core” measure of ex autos & gas at -0.9% M/M after -0.1%.
- Volumes were unsurprisingly on the soft side, falling -0.2% M/M after a downward revised 0.0% in May, leaving real retail sales down -2.9% annualized in Q2 after a strong +5.3% in Q1, in trend terms mostly stagnating. Note though that RBC cardholder data has pointed to stronger overall consumer spending of late, with firm discretionary service spending that isn’t captured here.
- The July advance does end the release on the strong note though, pencilled in for a nominal +0.4% M/M.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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