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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.
AUSTRALIA DATA
Retail sales fell more than expected in June by 0.8% m/m after rising 0.8% m/m in May. The boost in May was driven by spending in the sales which didn’t continue in June, as cost of living and rate pressures weighed on households. They rose 2.2% y/y in June after 4.1%, the lowest annual rate since September 2021. This is another piece of data that argues for a pause at the August 1 RBA meeting, along with the faster moderation in inflation.
- Q2 sales are up 0.4% q/q but flat compared to Q4 2022. With CPI goods prices rising 0.9% q/q, sales volumes likely declined for the third consecutive quarter in Q2. They print on August 3.
- There was broad based weakness across categories with only food retailing posting a rise and then it was a lacklustre 0.1% m/m. Department stores sank 5% m/m after -0.7% to be down 2.2% y/y. Household goods (-4.4%), clothing & footwear (-1.5%) and other retailing (-1.1%) also have sales below last years.
- 3-month momentum remains positive but is moderating.
Australia retail sales %
Source: MNI - Market News/ABS
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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