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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.
NEW ZEALAND
Card spending data showed a second consecutive month of falling expenditure and is pointing to a weak start to Q4 for retailers. October retail spending fell 0.7% m/m after -0.8% to be down 0.9% y/y. The total fell 0.3% after -0.2% for annual growth to be only 1% higher on a year ago down from 3%, weighed down by the retail sector. 3-month momentum is stagnating. Consumption is weak and the economy continues to develop as the RBNZ expects and so rates are likely on hold for now. Next meeting is November 29.
- Services rose 0.5% and non-retail +0.2% m/m. Hospitality spending declined 2.3% y/y.
- Spending on fuel and motor vehicles was positive in October but apparel, consumables and durables all fell.
NZ retail spending y/y%
Source: MNI - Market News/Refinitiv
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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