EUROZONE DATA
MNI (London)
EUROZONE APR RETAIL SALES 0.0% M/M (FCST +0.2%); MAR -1.2% M/M
EUROZONE APR RETAIL SALES -2.6% Y/Y (FCST -3.0%); MAR -3.8% Y/Y
- After a contractionary end to Q1, April euro area retail sales stalled on the month, remaining -2.6% y/y below April 2022 levels.
- The +0.5% m/m increase in non-food products signalled a slight uptick in demand, yet this was cancelled out by declining sales across food (-0.5% m/m) and auto fuels (-2.3%).
- Looking forward, economic confidence for the euro area moderated in May, led by the slump in retail trade sentiment with deteriorating demand conditions flagged as a key concern.
- Consumer confidence was largely unchanged in May, remaining in below-average pessimistic territory.
- Expectations for personal finances and the general economic conditions inched up. However, major purchase intentions faltered somewhat and unemployment concerns ticked up, indicating consumption in the bloc is likely to remain pressured in the near-term as uncertainty prevails.
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