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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.
NEW ZEALAND
Q2 retail sales volumes were weaker than expected falling 1% q/q but since the series has contracted 5 of the last 6 quarters the annual rate improved to -3.4% from -4.3%. Q1 was revised down 0.2pp to -1.6%. Nominal sales fell 0.2% q/q to be up 2.7% y/y. This data shows that spending remained subdued in Q2 which the RBNZ said is needed to “reduce inflation pressure”. It should be reassured at this point that with rates at 5.5% it can achieve this.
- The weakness was fairly broad based with 11 of the 15 retail industries recording declines with the largest negative contributions from food & beverages and hardware. The strongest sector was motor vehicles & parts which were probably boosted by changes to the Clean Car Discount scheme in July, according to Statistics NZ.
NZ retail sales y/y%
Source: MNI - Market News/Refinitiv
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.
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