Market WATCh Weekly 13 May 2022

Market WATCh Weekly 13 May 2022

May 13, 2022

In Australia, retail sales volumes rose to a fresh record high, despite accelerating inflation. The NAB business conditions index improved further in April, but business confidence eased a little. The Westpac consumer sentiment index dropped to the lowest level since May 2020. Offshore, US annual CPI and PPI inflation eased slightly in April but remained elevated. The Chinese trade balance widened more than expected in April, yet both import and export growth were weak. Chinese iron ore imports declined 12.7% YoY. Chinese PPI inflation fell to the lowest level in a year, while core CPI inflation fell to a 10-month low as lockdowns hit consumer demand.

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