A snippet from Citi's response to yesterday's data from Australia. ICYMI:
(ICYMI, the data: Australia Preliminary March retail sales data +8.2% m/m
Australian Bureau of Statistics: strongest seasonally adjusted rise ever)
Citi on what to expect next month, not so good:
- April will be the first month where retail trade was fully covered by the closure or rapid scaling down of non-essential businesses and social distancing.
- We expect to see the largest decline ever recorded
