April 29, 2024 00:03 GMT
Retail Sales Tuesday, Week Sees Housing Data
AUSTRALIA
There isn’t one big data release to define the week but the highlight is likely to be Tuesday’s retail sales for March. The series was volatile over the festive months but March may help clarify the underlying trend. Bloomberg consensus is expecting a 0.2% m/m increase.
- The week will be dominated by housing-related data. On Wednesday CoreLogic April house prices are out. In March they rose 0.6% m/m.
- Thursday sees building approval data for March which fell 1.9% in February due to weak apartment approvals. Analysts expect a rebound of 3.0% m/m.
- On Friday March housing finance is published and is forecast to rise 1.0% m/m after posting an increase of 1.5% m/m the previous month. Private credit data print on Tuesday.
- March merchandise trade data are released on Thursday and the trade surplus is expected to widen slightly to $7.4bn.
- Final April manufacturing and composite/services PMIs print on Wednesday and Friday respectively. The preliminary reads showed the composite PMI up to 53.6 from 53.3, highest since April 2022, with manufacturing rising to close to neutral at 49.9 from 47.3, but it is the strength of services that is driving overall activity growth at 54.2.
- There are no RBA events this week ahead of the May 7 meeting announcement and updated outlook.
- There are no data or events in Australia on Monday.
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