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Ahead of tonight's NZ Q4 Retail Sales...>

                                            NEW ZEALAND: Ahead of tonight's NZ Q4 Retail Sales (2145GMT) Analysts at ANZ
                                            have pencilled in a 1.2% q/q lift in total sales volumes, which would certainly
                                            be a jump from Q3's modest 0.2% q/q growth (although that, in
                                            part, was impacted by an unwind in hospitality-related spending following some
                                            key tourist events in Q2).
                                            - Westpac expect the December quarter retail spending figures will show that New
                                            Zealand households ended 2017 with a bang. We're forecasting a 1.4% gain in
                                            spending over the quarter. Monthly spending figures have shown solid increases
                                            in core spending categories in recent months.
                                            - TD Securities expect volumes to lift by +2.0%/qtr. An outcome that strong is a
                                            decent start to Dec qtr GDP, given it accounts for 61% of GDP(E).

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