MNI China Daily Summary: Wednesday, May 8

MNI BRIEF: BOJ To Allow Markets To Determine Long Rates-Ueda

MNI BRIEF: BOJ Would Adjust Rates Earlier If Necessary - Ueda

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US MBA: REFIS +5% SA; PURCH INDEX +2% SA THRU MAY 3 WK

MNI: US MBA: MARKET COMPOSITE +2.6% SA THRU MAY 03 WK

Strongest Manufacturing IP Since April 2008

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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ANZ Data Show Consumption Responding To Worsening Finances

AUSTRALIA DATA

ANZ-observed spending data for the first half of March showed that higher inflation and rates are now weighing on spending. Total expenditure fell 7.5% y/y in the week to March 18 with average daily spending down 6.2% y/y in March to date. The weakness was broad based across non-grocery items, even in services. Retail sales for February print on March 28. ANZ expects the RBA to hike 25bp on April 4.

  • Services spending fell over 12% y/y with travel -1% y/y and department store expenditure down 9% y/y. Entertainment was over 4% lower.
  • Spending in capital city CBDs is still below pre-Covid levels with Melbourne’s only 73% of 2019.
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