October’s Lagging Retail Sales
The retail sales survey showed that October’s retail sales were positive; the Real Sales Index (IPR) in October grew by 2.9% y-y, slightly lower than September’s growth of 4.8% y-y. The retail sales were backed by the apparel commodity and the vehicle fuels commodity. Bank Indonesia (BI) estimated that the retail sales consistently hiked by 3.4% y-y in November.
China to Agree to Cut Tariffs on the U.S. Automotive into 15%
China agreed to cut tariffs imposed on the U.S. automotive and spare parts from 40% to 15%. Chinese authorities evaluate the policy within few days ahead. The trade deal was taken after the G-20 summit in Argentina in the early of December. In July 2018, China hiked tariffs of 40% imposed on the U.S. automotive. It was tit-for-tat import tariffs against the U.S. tariffs on Chinese products. The tariffs cut succeeded to spur global stock markets in positive territory; for example, European, Asia, and the U.S. markets mostly rallied last week.
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