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Early Dynamic Prevails

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Evergrande Jitters Dampen Risk Recovery

Prelim Retail Sales +3.3% M/M In July

AUSTRALIA DATA

The ABS notes that "Australian retail turnover rose 3.3% in July 2020, seasonally adjusted, according to preliminary retail trade figures released today.
Turnover rose 12.2% when compared to July 2019. Retail turnover rose in all states and territories except Victoria in July. The rise across the rest of the country was driven by continued strength in household goods retailing, and the recovery in cafes, restaurants and takeaway food services, and clothing, footwear and personal accessory retailing" said Ben James, Director of Quarterly Economy Wide Surveys. Victoria's decline in retail turnover coincided with increasing numbers of COVID-19 cases, and the re-introduction of Stage 3 stay-at-home restrictions in July, impacting turnover. At the national level, household goods retailing led the monthly rises across the industries in July. Turnover in household goods was 30 per cent above the levels of July 2019, with sales of furniture, whitegoods and electrical items remaining high. Other retailing and department stores saw similar monthly rises to household goods in percentage terms.
Food retailing saw a rise of 1.2%, with supermarket and grocery store turnover elevated in Victoria especially, with spikes in sales of non-perishable items evident in July."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com