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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ITALY DATA
Italian February nominal retail sales rose 0.1% M/M (vs -0.1% prior) and 2.4% Y/Y (vs 1.0% prior). The Bloomberg consensus of 0.2% M/M was formed of just three analysts.
- Real retail sales also rose 0.1% M/M (vs -0.2% prior), and 0.3% Y/Y (vs -2.1% prior).
- However, real retail sales remain subdued on a 3m/3m basis, falling 0.3% in March (vs -0.1% prior). This was the 19th consecutive month that real sales have been negative over a 3m/3m horizon.
- The recent softness of Italian real retail sales supports recent downgrades in analysts’ Q1 ’24 household consumption forecasts, which are currently 0.2% Y/Y (vs 0.8% Y/Y in late Jan/early Feb).
- Food sales fell 0.8% 3M/3M in March, while non-food sales were flat for the second month in a row.
- Looking ahead, while retail confidence remained at expansionary levels in the latest EC and ISTAT surveys, the March readings were below 2023 average levels.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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