MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Westpac Card Data Point To Strong Services Expenditure

AUSTRALIA DATA

The Westpac card tracker index for January shows that spending remained robust based on their card transaction data. The index has risen by a strong 17.4pts since the first week of January but hides some divergences between sectors. Westpac notes that retail declined through December to January but there was strong growth in non-retail, another indicator of the shift to services spending and that Q4 consumption is likely to be stronger than the retail data is implying. Consumer trends remain murky currently.

  • The weakness in retail was broad based but the strength in non-retail was concentrated in tourism-related components. We have very little colour on recent services spending and so this is a useful gauge of current spending. Retail only accounts for a third of total consumption.
  • The Westpac Card Tracker rose 2.9% q/q in Q4 after 2% in Q3. The January reading is up 3.2% q/q and 11.8% y/y.
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