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.
Forecasts for New Zealand's Q4 GDP may be marked down after Q4 retail sales printed weaker than expected, according to data released Monday by StatsNZ.
Retail sales declined 0.6% q/q, falling well short of expectations for a 0.2% q/q rise, showing households are tightening their belts amid elevated inflation and higher interest rates. Q3 retail sales growth was revised up to 0.6% q/q from 0.4% q/q. Q4 core sales volumes were down 1.3% q/q, showing retail sales values are being driven by higher prices.
A surveyed decline in consumer confidence telegraphs more weakness in spending, though the destruction following Cyclone Gabrielle may provide some support as new furnishings and appliances are bought. The Reserve Bank of New Zealand last week raised its Official Cash Rate by 50bp to 4.75%.
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.