MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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Discounting Drives Stronger Sales

AUSTRALIA DATA
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May retail sales were stronger-than-expected rising 0.6% m/m after +0.1% m/m to be up 1.7% y/y from 1.2%. The ABS notes that spending was boosted by early mid-year sales and this is seen in strong rises in the clothing & footwear and household goods components. The RBA sees consumption as an area of heightened uncertainty, and while this stronger data is unlikely to facilitate tightening it shows that households are able to spend at the right price.

  • Retail sales continue to move sideways and are only 1.7% higher than January 2023. In real and per capita terms they continue to trend down.
  • Household goods rose 1.1% m/m and clothing & footwear +1.6% m/m but they are only +0.1% y/y and -0.2% y/y respectively. Department store sales were soft falling 0.9% m/m and 1.7% y/y, but may rebound with the June sales. Food retailing, an essential, remains robust rising 0.7% m/m and +3.1% y/y, whereas restaurant/takeaway sales, discretionary, fell 0.1% m/m to be up only 0.9% y/y.

Australia retail sales %

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May retail sales were stronger-than-expected rising 0.6% m/m after +0.1% m/m to be up 1.7% y/y from 1.2%. The ABS notes that spending was boosted by early mid-year sales and this is seen in strong rises in the clothing & footwear and household goods components. The RBA sees consumption as an area of heightened uncertainty, and while this stronger data is unlikely to facilitate tightening it shows that households are able to spend at the right price.

  • Retail sales continue to move sideways and are only 1.7% higher than January 2023. In real and per capita terms they continue to trend down.
  • Household goods rose 1.1% m/m and clothing & footwear +1.6% m/m but they are only +0.1% y/y and -0.2% y/y respectively. Department store sales were soft falling 0.9% m/m and 1.7% y/y, but may rebound with the June sales. Food retailing, an essential, remains robust rising 0.7% m/m and +3.1% y/y, whereas restaurant/takeaway sales, discretionary, fell 0.1% m/m to be up only 0.9% y/y.

Australia retail sales %

Keep reading...Show less