Australian retail sales data are due at 0030 GMT (this is 1930 US ET and 11.30am in Sydney):

Economic calendar in Asia 31 January 2023

Snippet from National Australia Bank's preview:

  • Shifting seasonal patterns put the risk firmly to the downside in our view, and NAB pencils in a -1.0%, but with high uncertainty.
  • Black Friday pulling spending into November drove the 1.4% m/m November print, and the converse should weigh on the December number even amid underlying resilience in spending.
  • If we do get a milder decline in December, watch for downward revisions to the November number.

Via Westpac:

  • Our Westpac Card Tracker and other measures point to conditions remaining buoyant through Dec. That said, retail components were softer with gains in card activity centring non-retail segments like travel and recreational services. The high weighting of food (accounting for just over half of retail) also looks to have been a drag, some of which may be price-related.
  • On balance we expect nominal sales to decline 0.3% in Dec. Note that the final Dec release, including Q4 real retail sales estimates, will be published on Feb 6.
The Australian Bureau of Statistics is working hard to provide more timely economic data indications