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AUSTRALIA
AUSTRALIA: Bank desk views on today's Australian retail sales data:
- ANZ: Retail sales rose 0.3% m/m in October, a touch stronger than our forecast
but following a downwardly revised September. Clothing sales were strong in
October, and given ongoing retail price competition this likely reflects strong
sales volumes. While consumer confidence remains elevated, households are facing
several headwinds, not least ongoing falls in housing prices and we note the
loss of momentum in retail sales in New South Wales, where house price falls
have been steepest, leaving us cautious about retail sales growth in the months
ahead.
- TD: Australian retail sales rose by +0.3%/m in Oct. After Q3 GDP disappointed
due to weak growth in consumer spending, this as-expected increase was a relief.
Retail sales accounts for only one-third of actual consumption, where other weak
spots in the Q3 consumption report - utilities and spending associated with
vehicles - are not included in retail sales reports.
- Westpac: Overall though the gain is of some relief given yesterday's
disappointing September quarter update on wider consumer spending.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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