Analysts at TD Securities point out that the US retail sales data for June is due today and they expect a 0.3% increase in sales in the key control group (mkt 0.3%) to be the main driver behind a 0.1% headline gain (mkt 0.2%), as consumer fundamentals remain sound.
“A firm increase in core sales should more than offset both a decline in sales at gasoline stations, which reflects a drop in gasoline prices in June, and a minor retreat in auto sales following a 0.6% increase in May. Similarly, we anticipate a solid 0.4% gain on manufacturing activities to be the main catalyst behind a 0.2% increase on industrial production for June.”
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