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MNI Global Morning Briefing: Focus on UK Retail Sales
Friday kicks off with the publication of German producer price inflation and UK retail sales, both released at 0700BST. The data calendar in the US is quiet with no releases currently scheduled.
German PPI seen higher
Markets are looking for another increase of the annual PPI to 6.4% in May, which would mark the highest level since October 2008 when the index stood at 7.2%. The producer price index rose to 5.2% in April, up from 3.7% seen in March, mainly on the back of higher prices for energy and intermediate goods.
Forward looking survey evidence continues to report higher input prices due to a shortage of raw materials and logistical issues. The manufacturing PMI report stated that 90% of respondents were noting higher input costs and the rate of inflation jumped to a record high. Higher input costs also led to another increase in factory gate charges, the report noted.
UK retail sales forecast to slow
Retail sales in the UK surged to 9.2% on a monthly basis in April, reflecting the reopening of the economy in mid-April. Non-food stores showed the largest positive contribution to sales growth. Annual sales jumped to 42.4% in April 2021 compared to April 2020 when sales dropped sharply because of the first national lockdown. In May, markets are looking for another increase of retail sales, although at a slower pace of 1.5%, while annual sales are seen at 29.3%, still distorted by base effects.
Survey evidence suggests an uptick in retail sales in May. The BRC shop price index rose by 10% y/2y and the report noted that pent-up demand and signs of good weather led to the strongest sales growth of the pandemic.
Source: Office for National Statistics
The only event scheduled on Friday is ECB's Luis de Guindos participating at the ECOFIN meeting.
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Why MNI
MNI is the leading provider
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