Black Friday Hangover: Australia Briefing
A shopper at Sydney’s Pitt Street Mall.
Photographer: Brendon Thorne/BloombergGood morning from Sydney. It’s Ed here, with the news you need to start your day.
Today’s must-reads:
• Retail sales slump
• Global growth outlook raised
• China EV exports boom
Australian retail sales tumbled more than expected in December, reflecting cost-of-living pressures and consumers seeking out bargains during Black Friday sales. The data can be a key consideration in rate decisions, with the RBA holding its first meeting of 2024 next week.
The International Monetary Fund raised its forecast for global growth this year on better-than-expected expansion in the US and fiscal stimulus in China, while warning of risks from wars and inflation.