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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.
AUSTRALIA DATA
Retail sales in October unexpectedly fell 0.2% m/m after rising 0.6% in August and September. Consensus expected retail spending to rise 0.5%. It is a very early indication that the RBA pivot in October was justified. Future increments are likely to remain at 25bp.
- This was the first fall this year as post-Covid pent up demand has been worked through and while one month doesn’t make a trend, this is the first indication that higher interest rates and cost of living are beginning to impact household spending.
- The weakness in retail sales was broad based with only food retailing posting an increase, which reflected continued elevated high food prices. Department stores were especially weak falling 2.4% m/m.
- Retail sales growth remains robust but moderated to 12.5% y/y after 17.9% last month but there are significant base effects from a 4.6% m/m rise in October 2021. 3-month momentum was still elevated but also eased to 7.6% annualised.
- The ABS said that the data reflect a normalisation in trading conditions post-Covid.
Retail sales %
Source: MNI - Market News/ABS
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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