Australia: Retail sales edge ahead - Westpac
|Matthew Hassan, Research Analyst at Westpac, points out that Australian retailers reported a 0.3% lift in sales in October, in line with market expectations but better than Westpac's forecast of a 0.1% gain.
Key Quotes
“While sales growth is still not strong its looking a touch better than it did mid year, annual growth having lifted from 2.9% in June to 3.6% currently.”
“The detail shows a more uneven story. By store type, the October month saw a strong rise for clothing (2.6%mth) and a solid 0.6% gain for household goods but mixed results for 'small ticket' discretionary store types – 'other retail' up 0.5% but cafes and restaurants down 0.9%. Basic food posted a 0.2% rise.”
“Overall, the October retail sales gain is of some relief given yesterday's disappointing September quarter update on wider consumer spending. That said, the softer tone around some 'discretionary' categories and the slowing in NSW add a clear note of caution. Risks still look skewed to the downside as we head into the all important Christmas period.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.