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POPSWeekly Outlook – EU Summit in Focus, New Plan? The Dollar lost ground against all except the Yen with worldwide stock markets soaring on the back of global Central bank intervention and hopes that the EU leaders might be able to work out a new treaty that will allow them to better stave off the debt crisis.
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POPSAussie Retail Sales Data Disappointing Retail sales in Australia rose in October ahead of the holiday season. The increase of 0.2% was however lower than analyst expectations of a rise of 0.4%. Retail sales rose to AUD 20.9 billion from AUD 20.8 billion in September. Food retailers reported a 0.5% growth while non food retailers reported a 0.1% growth. Western Australia reported the highest growth in retail sales while New South Wales suffered a 0.1% decline in retail sales. While growth in Australia has been strong, the country is not immune to the troubles in Europe. Yesterday, we saw the six largest central banks in the world acting together to lower borrowing costs.
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