MNI China Daily Summary: Thursday, October 10

MNI BRIEF: BOJ Can Afford Caution - Dep Gov Himino

MNI: GERMANY AUGUST RETAIL SALES +1.6% M/M

MNI: PBOC Net Drains CNY142 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0742 Thurs; +3.18% Y/Y

CHINA PBOC CONDUCTS CNY150 BLN VIA 7-DAY REVERSE REPOS THURS

MNI: NORWAY SEP CORE CPI +0.3% M/M, +3.1% Y/Y

MNI: NORWAY SEP CPI +0.3% M/M, +3% Y/Y

MNI: JAPAN SEPT CORP GOODS PRICE INDEX +2.8% Y/Y; AUG REV +2.6%

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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GERMAN DATA: Retail Sales Stronger Towards End of Summer; Food/Non-Food Both Up

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

German August Retail Sales came in at +1.6% M/M (real, seasonally-adjusted) and +2.1% Y/Y in August. That follows July's +1.5% M//M - and means retail sales ended the summer on a more positive note after deteriorating in May (-1.4%) and June (-1.1%). Taking into account continued subdued consumer confidence and retail sentiment in the country, it remains questionable if the print is a signal for a sustainable recovery in domestic demand - or rather just a partial reversal of the previous weakness which might overall prevail for some more time.

  • Looking at the individual categories, August's increase appears broad-based with food sales at +1.9% M/M, and non-food sales at +1.1% M/M. Internet and mail orders inclined particularly, at +8.9% M/M, Destatis adds.
  • The press release contains limited information on details - Destatis is yet to upload seasonally-adjusted subsector data for the previous couple of months after a methodology update suspended retail sales releases temporarily.
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German August Retail Sales came in at +1.6% M/M (real, seasonally-adjusted) and +2.1% Y/Y in August. That follows July's +1.5% M//M - and means retail sales ended the summer on a more positive note after deteriorating in May (-1.4%) and June (-1.1%). Taking into account continued subdued consumer confidence and retail sentiment in the country, it remains questionable if the print is a signal for a sustainable recovery in domestic demand - or rather just a partial reversal of the previous weakness which might overall prevail for some more time.

  • Looking at the individual categories, August's increase appears broad-based with food sales at +1.9% M/M, and non-food sales at +1.1% M/M. Internet and mail orders inclined particularly, at +8.9% M/M, Destatis adds.
  • The press release contains limited information on details - Destatis is yet to upload seasonally-adjusted subsector data for the previous couple of months after a methodology update suspended retail sales releases temporarily.