US retail sales are solid, leaving the Fed in no hurry to cut rates. China’s consumers remain very cautious. Taiwan’s GDP is surprisingly strong. And India is planning big sales tax reforms.
In our Deep Dive interview, ANZ Senior China Strategist Zhaopeng Xing introduces us to a new word for an important problem in China: involution; to curl inwards.
5 things to know in 5 minutes:
US retail sales grew 0.5% in July and the June figure was revised up to 0.9%. ANZ Head of G3 Economics Brian Martin says it shows there’s still strong momentum in consumer spending, giving room for the Fed to be patient.
China’s consumer spending and domestic demand remained weak in July, but production and exports were solid, says ANZ Senior China Strategist Zhaopeng Xing.
India’s leader Narendra Modi has signaled big changes to a large number of different goods and sales tax rates, says ANZ Economist Dhiraj Nim.
Taiwan reported GDP growth of 8% in the June quarter from a year ago, thanks to massive growth in chip exports and investments, says ANZ Economist Bansi Madhavani.
Malaysia GDP growth in the June quarter from a year ago was 4.4%, unchanged from the March quarter, says ANZ Economist Arindam Chakraborty.
Cheers,
Bernard.
PS: Catch you tomorrow with a preview of the central bankers shindig in Jackson Hole happening later this week.
