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.
The Reserve Bank of Australia's rate hiking cycle has been cited as the reason for a drop in half the categories tracked in the CommBank Household Spending Intentions Index, which also showed half of the gain in retail spending was due to inflation, according to October data released on Tuesday.
The HSI rose 0.9% in October to 116 but the gains were focused on increased spending in the household services (up 3.7%), retail (up 3.3) and entertainment (up 2.1%) sectors. Half of the gain in retail spending was driven by higher food spending and price increases on supermarket shelves. However, the index showed that spending fell in half of the 12 categories and the annual rate of spending growth in October halved to 7.4% from 14.1% in September. The Home Buying Intentions Index fell 3.1% in October, delivering a 27.3% decline – the largest decline in this cycle.
The outcome of the HSI mirrored the Westpac-Melbourne Institute consumer survey, which saw a sharp slowdown in sentiment as rate hikes bite. (MNI BRIEF: Aussie Consumer Sentiment Slumps On Budget, Rates)
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.