Key retail markets are expected to see continued strong sales, despite growing inflation.
MARKETS
US and UK businesses are gearing up for a boom in hiring and investment amid record low interest rates and tax incentives as economic activity returns to normal.
Chile joins countries including Mexico, Brazil and Turkey as it tightens monetary policy to combat inflation.
- Rising inflation in key markets is causing growing concern for analysts.
- In Chile, interest rates are expected to reach 1.25% by year end, per Banchile Inversiones.
China’s industrial output grew 8.3% in June from a year earlier, slightly below the 8.8% rise in May.
China’s retail sales of consumer goods jumped 23 percent year-on-year in the first half of this year, with two-year average growth at 4.4 percent. (National Bureau of Statistics)
- Q2 retail sales rose 13.9% year-on-year, with two-year average growth at 4.6%. June retail sales rose 12.1% from a year earlier.
U.S. retail sales excluding automotive and gasoline increased +11.0% year-over-year in June and increased +10.4% compared to June 2019. June marked the ninth consecutive month of total retail sales growth. (Mastercard SpendingPulse)
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FINANCE
ASOS(UK) reported total group revenue for the four months to June 30 climbed 27 percent year-on-year to £1.29 billion from last year’s £1.01 billion.
Flipkart (India) said it raised $3.6 billion in fresh funds from global investors, including Singapore’s GIC, the Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart.
- Flipkart is now valued at $37.6 billion.
- In Q4 2020, India’s e-commerce sector grew 36% year on year in terms of volume and 30% year on year in terms of value, according to a joint report from Unicommerce and Kearney.
RETAIL
ASOS (UK) has struck a deal with the US department store chain Nordstrom that will put Topshop clothing back in brick-and-mortar stores.
Walmart (USA) is partnering with tween brand Justice (USA) to help drive back-to-school sales.
- Justice products at Walmart offer ‘accessible’ pricing starting at $8 for leggings, $13 for tie-dye sweatshirts and joggers, and $18 for oversized hoodies.
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