Australia: Retail sales surprise - TDS

Australia’s November retail sales popped +1.2%, the largest monthly increase since Feb 2013 (mkt +0.4%, TD +0.2%), notes the research team at TDS.

Key Quotes

“All retail categories, except Department stores recorded a pick-up in sales and retail sales were also up in all states. Although the ABS has suggested the pick-up in retail sales was influenced by iPhone X sales and Black Friday promotions, today’s firmer retail sales print is likely to support the view that the bounce in Oct was not a one off, particularly given that the rise has coincided with strong pick-ups in consumer sentiment and building approvals. Exactly what the Dr (Lowe) ordered!”