With their population growth running at +2.4% per year and retail price inflation running at +3.6% in the September quarter, this October retail trade result implies a very large real, per capita decline in the -4.5% to -5% range. The overnight GDT Pulse auction for WMP and SMP wasn't encouraging with lower prices from both the last full auction, and the prior event. Overnight, European markets were mixed in the -0.2% / +0.2% range. The Kiwi dollar starts today at 61.4 USc and up +½c from yesterday, but a new high since July. Against the Aussie we are -10 bps lower at 92.2 AUc.
