Retailers Kogan and Noni B were more upbeat.
Foot traffic in retail stores continued to fall in January after the worst December on record, dragging down same-store sales at under-pressure discretionary retailers and auguring poorly for the sector this year.
Foot traffic fell 3 per cent for the first half of the month after a 10.7 per cent fall in January 2018, according to ShopperTrak data.
But outside of the retail sector the outlook is not much brighter.
AMP slashed its dividend, and housing-linked stocks are suffering from the downturn in residential property prices. Brisbane-based builder Tamawood earlier this month said a “perfect storm” of conditions hit first-half profit.
Morgan Stanley also has a below-consensus real GDP growth forecast of 2.5 per cent for 2019 versus the Reserve Bank’s 3.25 per cent.
“The last two months macro data have turned incrementally negative. House price declines have accelerated, business and consumer confidence levels have dropped and building approvals and car sales collapsed,” the strategists wrote.
“If consensus GDP was a stock, it would be a key downgrade trade.”
from A Viral Update http://bit.ly/2TltdWw
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