Australia’s October retail sales report will be released later today. After a weak September quarter for not only retail sales but broader household consumption, this report has taken on increased significance, carrying the potential to reverse or intensify growing pessimism towards the largest part of the Australian economy. Indeed, the Reserve Bank of Australia (RBA), well known for being optimistic, continues to describe the outlook for household consumption as “one continuing source of uncertainty”. While it still believes the most likely path for official interest rates is likely to be higher, financial markets ... (full story)