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.
Australia's retail sales posted a ninth consecutive month of gains after rising 0.6% in September, according to data released by the Australian Bureau of Statistics on Monday.
Despite the cumulative 250bp of tightening by the Reserve Bank of Australia since May, Australians continued to spend on fashion and cafes, restaurants and takeaway food, with sales rising 2% and 1.3%, respectively, in September. Food retailing increased 1%. Economists are waiting for the release of quarterly price and volume data on November 4 to better gauge how much of the increase was driven by higher prices or volumes. Household goods retailing was a weak spot, falling 0.8% in September - the fourth down month in the past six.
Retail sales rose 17.9% y/y in September, down from 19.2% in August. It was the first year-on-year decline since December. The RBA is expected to raise interest rates 25bps to 2.85% when it meets on November 1. (See MNI RBA PREVIEW - November 22: 25bp Next, Hikes Into 2023)
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.