Stable Retail Sales Reinforce Hopes of Interest Rate Cut
A pedestrian by sale signs in Sydney, New South Wales, Australia.
Photographer: Brent Lewin/BloombergGood morning. It’s Angus in Sydney with the key morning news items.
Today’s must-reads:
• Retail sales surpass expectations
• Barrenjoey opens in Hong Kong
• Australia’s trade-war resilience
Australian retail sales fell by much less than expected in December, likely reinforcing the Reserve Bank’s confidence that the economy remains on a narrow path toward a soft landing. Sales slid 0.1% from the prior month, compared with a forecast 0.7% decline, data showed Monday. Economists and financial markets widely expect the central bank to finally embark on an easing cycle on Feb. 18.