Taiwan's retail sales increased 7.7% year over year in July, according to data from the Ministry of Economic Affairs on Tuesday.
The reading eased from the 8% year-over-year expansion reported in the previous month.
Food and beverage service sales jumped 2.5% year over year to NT$88.7 billion. Motor vehicle sales grew 12.6%, while that of information and communications equipment increased 12.5%.
The ANZ-Roy Morgan Australian Consumer Confidence rose 1 point to 77.5 in the week of Aug. 24 to Aug. 30, with the series now at its highest level since the escalation of the conflict in the Middle East, ANZ Research reported Tuesday.The four-week moving average rose 1.6 points to 75.9 points, per the report.The rise was underpinned by an improvement in the financial conditions subindices, as well as households' views about buying a major household item, according to ANZ economist Madeline Dunk.Across the housing cohorts, confidence improved most for households paying off a mortgage, Dunk added. Confidence among outright homeowners is at its highest since June, and among those paying off a mortgage, at its highest since March.Weekly inflation expectations rose to 6.1%, while the current financial condition indicator for 12 months decreased to 68 from 69. The future financial conditions for the next 12 months rose to 84.2 points from 88.3 points.Short-term economic confidence for the next year increased to 72.7 from 68, while medium-term economic confidence for the next five years rose to 82.4 points from 80.4 points.The "time to buy a major household item" subcategory rose to 80.4 points from 76.6.
The Reserve Bank of Australia's Monetary Policy Board considered raising the cash rate by 25 basis points at its August meeting before ultimately deciding to hold, with members debating whether upside risks to inflation warranted pre-emptive action or whether existing policy settings were already sufficiently restrictive, according to minutes of the meeting released Tuesday by the bank.The case for a rate rise centred on several upside risks to the inflation outlook, including the potential for a prolonged Middle East conflict to push oil prices sharply higher, the possibility of broader cost pass-through to consumer prices than assumed, among other factors, the minutes showed.The case to hold rested on a judgment that the three rate lifts of this year had left financial conditions somewhat restrictive, that inflation had come in slightly below forecast in the June quarter, and the unemployment rate had risen slightly more than expected.The board also discussed downside risks that could offset the upside scenario, including the potential for the labor market to ease more rapidly than assessed, a larger-than-expected drag on activity from weak consumer confidence and the housing downturn, and greater constraints on firms' ability to pass on cost pressures, the minutes added.Several members judged it quite possible that upside risks would crystallize and require further tightening, while others pointed to the potential for downside risks to offset them, but all members agreed that upcoming decisions would benefit from additional information and reconfirmed their commitment to returning inflation to target in a timely way, the minutes showed.
Japan is considering indefinite deferrals of the roughly 30% corporate tax on non-core business disposals, provided proceeds are reinvested in core operations within several years, Reuters reported Tuesday, citing two sources familiar with the matter.The proposal aims to accelerate corporate restructuring and capital redeployment, the report said.The plan is expected to be included in tax reform requests later this month, with final details to be finalized by year-end, Reuters said.The Ministry of Finance Japan could not be immediately reached for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)