Crypto News: Black Friday hangover

Good morning from Sydney. It's Ed here, with the news you need to start your day.

Today's must-reads:
• Retail sales slump
• Global growth outlook raised
• China EV exports boom

Australian retail sales tumbled more than expected in December, reflecting cost-of-living pressures and consumers seeking out bargains during Black Friday sales. The data can be a key consideration in rate decisions, with the RBA holding its first meeting of 2024 next week.

The International Monetary Fund raised its forecast for global growth this year on better-than-expected expansion in the US and fiscal stimulus in China, while warning of risks from wars and inflation.

In an otherwise dismal year for China's export economy, demand for its electric vehicles is booming: Car exports jumped 29% last year. Another bright spot was a 69% increase in cheap, direct-to-consumer parcels as shoppers worldwide turned to bargain-basement chains like Shein and Temu.

A giant exchange-traded fund tracking the Nasdaq 100 dropped in late trading after results from Microsoft and Alphabet. The S&P 500 was little changed. Meanwhile, Australia's S&P/ASX 200 index closed just 30 points shy of a record high on Tuesday.

The gloom over China's economy has deepened as the liquidation of debt-ridden Evergrande intensified concerns about the real estate sector. The nation's stock and bond markets are giving a clear signal that policymakers need to do more to revive investor confidence.

Bitcoin is on course to advance for a fifth straight month in what would be the token's longest such winning streak since a pandemic-era rally oiled by easy money.

Iran urged the US to use diplomacy to ease tensions in the Middle East, as the White House weighs its response to a deadly attack on an American base in Jordan. President Joe Biden has blamed Tehran-backed militias.

Imran Khan, Pakistan's former prime minister. Photographer: Betsy Joles/Bloomberg

A Pakistani court sentenced former premier Imran Khan to 10 years in jail after finding him guilty of violating the nation's secrecy laws by making a diplomatic cable public when he was in power.

• Australia December Private Sector Credit, 11:30am Sydney
• Australia 4Q CPI, 11:30am Sydney

Lamborghini has sold out of super-cars until 2026 as the wealthiest consumers show little sign of being hit by a broader global slowdown. The Italian carmaker posted record sales last year as it introduced the Revuelto, its first plug-in hybrid model, and quickly racked up a two-year backlog of orders.