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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.
EUROZONE DATA
MNI (London)
EUROZONE DEC RETAIL SALES -2.7% M/M (FCST -2.5%); NOV +1.2% M/M
EUROZONE DEC RETAIL SALES -2.8% Y/Y (FCST -2.7%); NOV -2.5% Y/Y
- Euro area retail sales contracted by -2.7% m/m and -2.8% y/y, slightly worse than expectations and signaling weak holiday season spending. Food/drinks/tobacco sales fell by -2.9% m/m and non-food by -2.6%, whilst sales increased by +2.3% m/m for auto fuels.
- This is in line with the stagflationary end to 2022, which saw a marked decline in demand for goods as consumers felt the heat of high energy and food costs.
- The December retail data implies household consumption is set to contribute a substantial drag to Q4 GDP, after having supported a robust Q3 print. The eurozone closely avoided contraction at +0.1% q/q in the Q4 GDP flash print, further detail of the components breakdown will be in the final Q4 GDP data due March 8.
- Looking forward, government energy bill support helped drive improvements in consumer sentiment in January, yet whether the initial uptick in purchasing intentions will feed into higher consumer spending for the bloc remains uncertain.
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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