DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

January Retail Sales Signal Weak Start To Q1

NORWAY
DataHomepageData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Norwegian January retail sales were -0.1% M/M SA, below the consensus (formed of just 4 analysts) of 0.2% but above December's weak -1.1% (revised down from -0.9% initially). The Norges Bank will be hopeful that continued demand weakness eventually translates into lower domestic goods inflation (which was 7.2% Y/Y in January).

  • The NOK is weakest amongst the G10 at typing, with subdued European equities and the uptick in EGB yields contributing alongside today's weak domestic data.
  • On an annual basis, sales fell -1.2% Y/Y WDA (vs -0.4% prior).
  • A less volatile measure of retail sales is the 3m/3m comparison, which fell back into negative territory at -0.1% (vs 0.3% prior).
  • Looking at the component level breakdown, sales of cultural and recreation goods fell -1.4% 3m/3m, signalling that the Norwegian consumption outlook remained subdued to begin Q1.
  • Retail sales of IT equipment fell -3.9% 3M/3M, while sales of automotive fuel fell -1.3% (note that this is a volume index, so the rise in Brent prices through January may have culminated in a lower quantity of fuel sold).
  • On the upside, sales of food and beverages rose 1.2% 3m/3m.

196 words

To read the full story

Close

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.

Norwegian January retail sales were -0.1% M/M SA, below the consensus (formed of just 4 analysts) of 0.2% but above December's weak -1.1% (revised down from -0.9% initially). The Norges Bank will be hopeful that continued demand weakness eventually translates into lower domestic goods inflation (which was 7.2% Y/Y in January).

  • The NOK is weakest amongst the G10 at typing, with subdued European equities and the uptick in EGB yields contributing alongside today's weak domestic data.
  • On an annual basis, sales fell -1.2% Y/Y WDA (vs -0.4% prior).
  • A less volatile measure of retail sales is the 3m/3m comparison, which fell back into negative territory at -0.1% (vs 0.3% prior).
  • Looking at the component level breakdown, sales of cultural and recreation goods fell -1.4% 3m/3m, signalling that the Norwegian consumption outlook remained subdued to begin Q1.
  • Retail sales of IT equipment fell -3.9% 3M/3M, while sales of automotive fuel fell -1.3% (note that this is a volume index, so the rise in Brent prices through January may have culminated in a lower quantity of fuel sold).
  • On the upside, sales of food and beverages rose 1.2% 3m/3m.